Industry News

CapitaLand Ascott Trust (CLAS) has announced the acquisition of two freehold limited-service hotels in Japan for JPY21 billion (S$178.5 million). The properties, ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, are strategically located in Tokyo and Kanazawa, respectively. The acquisition, priced at an 8.3% discount to independent valuation, is expected to yield a 4.3% net operating income in FY 2024, significantly higher than the 2% yield from four previously divested properties in Japan.

The acquisition was funded through JPY-denominated debt and proceeds from the divestment of four properties in Japan. This strategic move is part of CLAS’s portfolio reconstitution strategy aimed at enhancing portfolio quality and delivering stable returns to its Stapled Securityholders. Serena Teo, CEO of CapitaLand Ascott Trust Management Limited, stated, “By swiftly redeploying divestment proceeds into these higher-yielding assets, we have fully replaced the income from the four divested properties.”

Japan remains a key market for CLAS, with 18% of its total assets now located in the country. The properties are positioned to benefit from the strong international travel demand, with visitor numbers in Tokyo and Kanazawa surpassing pre-COVID levels by 23% and 12%, respectively. The hotels will operate under management contracts, allowing CLAS to capture income upside.

In the past year, CLAS has completed investments totalling approximately S$530 million, including the recent acquisitions. This aligns with their strategy to recycle capital into quality assets at higher yields, enhancing income distribution for stakeholders.

Elise Mertens emerged victorious at the inaugural Singapore Tennis Open, securing her ninth career WTA singles title. The event, held at the Kallang Tennis Hub, saw Mertens, the second seed, defeat Ann Li in straight sets, 6-1, 6-4, in a match lasting 82 minutes. This victory marks Mertens’ first singles title since Monastir 2023.

Mertens dominated the final, dropping only one set in the tournament prior to facing Li, who had not lost a set until the final. Mertens’ strong baseline play and strategic prowess were evident as she quickly took control of the match, winning the first set in just 26 minutes. Although Li attempted a comeback in the second set, Mertens maintained her composure to clinch the title.

In the doubles final, Desirae Krawczyk and Giuliana Olmos triumphed over Wang Xinyu and Zheng Saisai. The American-Mexican duo showcased their tactical net play and clutch serving, winning the first set 7-5 and dominating the second set 6-0. This victory marks their first title together in nearly five years.

The Singapore Tennis Open attracted nearly 22,000 fans over nine days, offering not only thrilling matches but also a vibrant Fan Village with meet-and-greet sessions and tennis clinics. The event is part of the 2025 Hologic WTA Tour and is set to return in 2026 and 2027, promising more exciting tennis action and fan engagement.

Reflecting on her win, Mertens expressed her delight, stating, “This was the first time the (Singapore Tennis Open) was organised and it was incredibly well-run. I hope to come back next year to defend my title and my points.” Krawczyk and Olmos also thanked the fans, saying, “It’s nice to have a full stadium with all the fans. It’s a great atmosphere for us and we really appreciate it.”

The tournament also featured the Singapore Tennis Invitational Cup, where Singapore claimed victory against Indonesia. The event, organised by the Singapore Tennis Association in partnership with Kallang Alive Sport Management, highlighted the region’s tennis talent and set the stage for future competitions.

SATS Ltd has announced the completion of its acquisition of the remaining 15% stake in SATS Food Solutions (Thailand) Co. Ltd from Bangkok Ranch Public Company Limited for approximately S$3.4m. This move, finalised on 31 January 2025, enhances SATS’ control over its operations in Thailand, a strategic hub for food production.

The acquisition is a significant step for SATS as it aims to streamline governance and decision-making within SATS Food Solutions Thailand (SFST). This comes at a crucial time as SFST is expanding its production capabilities to meet the rising demand in both aviation and non-aviation sectors. The company is currently constructing a new facility in Pathum Thani, which will increase its production capacity to 108,000 meals daily by the end of 2025.

SFST operates as SATS’ regional strategic food manufacturing hub, leveraging Thailand’s robust food ecosystem and infrastructure. This expansion aligns with SATS’ strategic partnership with Mitsui Co., Ltd, which will see Mitsui taking a 15% stake in SFST. This collaboration aims to combine SATS’ production capabilities with Mitsui’s distribution network to accelerate growth.

Stanley Goh, CEO of Food Solutions at SATS, stated, “This milestone with SFST gives us the agility to fully capitalise on our expanded operational scale and drive our partnership with Mitsui.”

The acquisition underscores SATS’ commitment to strengthening its position in Asia’s food services market, capitalising on Thailand’s culinary heritage and strategic location.

The Monetary Authority of Singapore (MAS) has slightly reduced the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) slope by an estimated 50 basis points, according to a report by Maybank IBG Research. This decision comes as core inflation shows signs of easing and growth momentum is expected to slow. December’s manufacturing output saw a robust increase of 10.6%, attributed to frontloading in anticipation of rising trade barriers.

The report suggests that another slope easing could occur in April or July, as the policy stance remains tight. Maybank IBG Research anticipates Singapore’s GDP growth for 2024 to exceed initial estimates, reaching 4.2%. Furthermore, the core inflation forecast for 2025 has been adjusted downwards to 1.4%.

Hak Bin Chua, an economist at Maybank, noted the significance of the manufacturing surge, stating, “Dec manufacturing output grew by a strong +10.6%, boosted by frontloading in anticipation of rising trade barriers.” This highlights the proactive measures taken by manufacturers to mitigate potential disruptions.

The easing of the S$NEER slope is a strategic move by MAS to balance inflationary pressures and economic growth. As Singapore navigates the complexities of global trade dynamics, these adjustments aim to sustain economic stability. Looking ahead, the potential for further policy easing underscores the need for continued vigilance in response to evolving economic conditions.

Kaplan Singapore has officially launched its new Odeon 333 City Campus, a state-of-the-art educational hub designed to deliver Murdoch University and Kaplan programmes. The inauguration on 17 January 2025 marks a significant milestone, coinciding with the 60th anniversary of diplomatic relations between Singapore and Australia and Murdoch University’s 50th anniversary.

The event was attended by notable figures, including His Excellency Allaster Cox, Australian High Commissioner to Singapore, and Ms Denise Phua, Mayor of Central Singapore District. The launch featured a symbolic LED ball lighting ceremony and a tour showcasing immersive virtual reality demonstrations and a live stream from Murdoch’s Perth campus.

Professor Andrew Deeks, Vice-Chancellor and President of Murdoch University, highlighted the university’s global growth and commitment to academic excellence. “As we embark on this new chapter, we reaffirm our commitment to international partnerships and look forward to building a brighter future in Singapore,” he stated.

The Odeon 333 City Campus spans three levels, offering facilities such as high-capacity computer labs, a wellness room, and a club room. The labs are equipped with advanced hardware to enhance learning outcomes, whilst the wellness room supports students’ mental and physical well-being. The club room provides a space for relaxation and social interaction.

Dr Susie Khoo, President of Kaplan Singapore, emphasised the campus’s role in supporting diverse pathways to success and sustainability. Located in a BCA Green Mark Platinum-certified building, the campus reflects Kaplan’s dedication to a sustainable future.

To celebrate the opening, Kaplan offers exclusive incentives for enrolment in selected Murdoch University programmes, including an education grant and a chance to win prizes.

Betagro Public Company Limited (BTG), a leading Thai food company, has announced its acquisition of Eggriculture, a prominent egg producer in Singapore, for S$75m. This strategic move is designed to strengthen Betagro’s presence in Singapore’s agri-food sector and align with the country’s ’30 by 30′ food resilience goal, which aims to produce 30% of its food locally by 2030.

The acquisition will see Betagro holding a 75% stake in Eggriculture, with Radiant Grand International Limited retaining the remaining 25%. Eggriculture, which held a 20% market share at the end of the 2024 fiscal year, has shown a robust revenue compound annual growth rate of 27.1% over the past three years. Betagro’s CEO, Vasit Taepaisitphongse, highlighted Singapore as a strategic market due to its emphasis on high-quality, safe, and sustainable food.

Betagro plans to leverage its extensive experience in the food industry to enhance Eggriculture’s operations, focusing on farm management, animal breeding, and advanced technology. The acquisition is expected to immediately improve Betagro’s financial performance and profitability, with a projected 400% revenue increase in Singapore by 2025.

Eggriculture’s CEO, Ma Chin Chew, expressed enthusiasm about the partnership, noting that it would enhance their production capabilities and support Singapore’s food security goals. The collaboration aims to capture synergies and broaden Betagro’s customer base across retail and HORECA channels, ultimately positioning the company as a leading regional player in the food industry.

Jewel Changi Airport has reported a record-breaking year in 2024, with over 80 million visitors and a 5% increase in sales, driven by a resurgence in air travel. The iconic Singaporean lifestyle destination saw a 10% year-on-year rise in footfall, marking its highest figures since opening in 2019. Overseas travellers accounted for more than 35% of visitors, with significant increases from China and Taiwan.

The airport’s retail offerings have resonated strongly with shoppers, evidenced by a 6% year-on-year growth in retail sales per square foot. Jewel welcomed over 30 new brands in 2024, including flagship stores from Charles & Keith, Imperial Treasure Super Peking Duck, and Montale Paris. Nine international brands, such as Hakka Yu and Royal Host, made their Singapore debut at Jewel.

James Fong, CEO of Jewel Changi Airport Development, expressed optimism, stating, “We are highly encouraged by the strong performance of Jewel, especially against a soft retail climate.” He emphasised the importance of collaboration with tenant partners to maintain Jewel’s appeal to both local and international visitors.

Looking ahead, Jewel plans to introduce nearly 30 new brands, including flagship stores from adidas and Palladium. The airport aims to enhance its shopping and dining experiences with new concepts and a diverse mix of retail and culinary offerings. Upcoming attractions include a new flagship store by a German luxury car manufacturer and the return of the Nintendo pop-up store.

Jewel’s culinary scene is also set to expand, with new outlets from Café Kitsune and Surrey Hills, alongside the debut of Korean restaurant Bookmagol and local brand SugarBelly. More details on these openings will be announced in due course.

Flo Energy Singapore has launched an innovative and environmentally friendly initiative to celebrate the Lunar New Year with the introduction of plantable red packets. These unique packets, unveiled today, are crafted from biodegradable recycled paper infused with vegetable seeds. Once used, they can be planted in a pot and watered, eventually sprouting into vegetables.

The initiative aims to combine tradition with sustainability, offering a green alternative to the conventional red packets typically exchanged during the festive season. By integrating seeds into the design, Flo Energy encourages recipients to engage in sustainable practices while enjoying the cultural significance of the red packets.

Sonia Heng, Communications Specialist at Flo Energy, highlighted the environmental benefits of the initiative, stating that the packets are designed to reduce waste and promote eco-consciousness. The packets are part of Flo Energy’s broader commitment to sustainability and innovation in their products.

Kevin Wijaya, Regional Head of Marketing, is available for further insights into this initiative, which aligns with the company’s mission to foster environmental responsibility. The plantable red packets not only offer a novel way to celebrate the Lunar New Year but also contribute to a greener planet by encouraging the growth of vegetables.

As the Lunar New Year approaches, Flo Energy’s plantable red packets present a meaningful and sustainable gift option, potentially setting a trend for future festive celebrations.

The Singapore Tennis Open 2025, running from 27 January to 2 February, roster of sponsors include Turkish Airlines, ASICS, and Polestar. This inaugural event at the Kallang Tennis Hub promises to be a significant occasion, with these partnerships enhancing the tournament’s prestige and supporting women in sport.

Turkish Airlines, the Official Airline of the event, will provide Business Class roundtrip tickets to the Singles and Doubles Champions, adding a unique incentive for participants. Additionally, two lucky fans will win roundtrip tickets to Istanbul or Melbourne. Ümit Develi, Vice President of Asia & Far East at Turkish Airlines, expressed excitement about the collaboration, highlighting the shared passion for connecting people and places.

ASICS, serving as the Official Apparel and Footwear partner, will outfit ball kids, officials, and umpires, showcasing their innovative sportswear. Yogesh Gandhi, Managing Director of ASICS Asia, noted the partnership underscores their commitment to promoting tennis and the philosophy of “sound mind, sound body.”

Polestar, the Official Electric Vehicle partner, will provide transportation for players and officials with their fleet of Polestar 2 and Polestar 4 models. Adele Lee, Assistant General Manager at Wearnes Automotive, emphasised the brand’s commitment to sustainable electric mobility.

Daryl Yeo, Chief Operating Officer at Kallang Alive Sport Management, stated, “The Singapore Tennis Open 2025 embodies the unifying spirit of tennis where athletic excellence meets exceptional partnerships.”

The event will feature world-class tennis, a Carnival of Tennis, and exclusive sponsor showcases, promising an engaging experience for fans and the tennis community.

Singapore’s construction sector, poised for a 4.1% growth in 2025, is urged to embrace innovation and technology ahead of the anticipated Budget 2025. Vitaly Bereska, Regional Spokesperson of PlanRadar, APAC, emphasises that waiting for government solutions is not viable amidst workforce shortages, rising costs, and global supply chain disruptions.

The 2024 budget introduced energy-efficient grants covering up to 70% of approved equipment costs, with larger projects receiving up to S$530,000. As the industry looks forward to the 2025 budget, Bereska calls for increased funding for digital infrastructure, tax incentives for sustainable materials, and expanded workforce training programmes focusing on advanced technologies. These measures are crucial for meeting Singapore’s 2030 Green Plan goals.

Bereska warns that delaying technology adoption could lead to project overruns and missed opportunities. Technologies like AI and Building Information Modelling (BIM) are already enhancing productivity and sustainability. “Without immediate action, construction firms risk falling behind global competition,” Bereska states.

The sector is encouraged to leverage government incentives for innovation, ensuring it remains competitive and sustainable. As Singapore embarks on major projects like Changi Airport Terminal 5 and the Cross Island MRT Line, the construction industry must act now to secure its future.