Industry News

In a remarkable debut, Briton Kate Waugh clinched the Singapore T100 Triathlon title on 5 April, setting a new record with a 6-minute 41-second winning margin. Competing in her first long-distance triathlon, Waugh outpaced seasoned competitors, including two-time defending champion Ashleigh Gentle from Australia and fellow Briton Lucy Charles-Barclay, who secured third place. Wildcard entrant Lisa Perterer claimed the silver medal.

The race unfolded with intense competition from the start. Lucy Charles-Barclay and Jessica Learmonth initially led the swim, but Waugh remained close behind. By the 25km mark of the 80km bike segment, Waugh was just 15 seconds behind Learmonth, eventually overtaking her during the run. Learmonth’s cramps allowed Waugh to seize control, finishing the race in 3 hours, 45 minutes, and 18 seconds.

Waugh expressed her excitement, saying, “I’m over the moon, I’ve got goosebumps right now. It was just an incredible day.” Her victory earned her 35 points and $25,000, placing her at the top of the T100 Race To Qatar standings.

Lisa Perterer, who finished second, remarked, “I still can’t believe it, 2nd place. I came to this race as a wildcard with no expectations.” Meanwhile, Lucy Charles-Barclay, despite recent setbacks, was thrilled with her podium finish, stating, “To get a podium in the first race back, I’m definitely over the moon.”

The Singapore T100 continues with age-group races and the Men’s Pro race. The T100 series offers a substantial prize pool, with the Qatar T100 Triathlon World Championship Final promising increased points and rewards.
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Olympic silver medallist Hayden Wilde made a remarkable debut at the Singapore T100, securing victory in a fiercely competitive field on 6 April. The New Zealander, who emerged 15th after the swim, showcased his endurance and tactical prowess during the bike leg, ultimately overtaking his competitors to win the race at Marina Bay.

Wilde’s performance was marked by a strategic ascent through the ranks, particularly during the 80km bike segment where he traded leads with Rico Bogen. By the final leg, Wilde’s stamina prevailed as Bogen faltered, allowing Wilde to cross the finish line in 3 hours, 18 minutes, and 11 seconds. “It’s really nice to win my first T100 race on my debut,” Wilde expressed, highlighting the challenging conditions and his strategic approach to the race.

Paris 2024 bronze medallist Leo Bergere and reigning T100 Triathlon World Tour champion Marten Van Riel completed the podium, finishing second and third respectively. Bergere, who trained in simulated conditions to prepare for Singapore’s heat, remarked on the race’s atmosphere and his eagerness for future competitions in the city.

The event saw over 7,000 participants across various categories, including a 100km triathlon for experienced amateurs. The T100 Triathlon World Tour will continue in San Francisco on 31 May, as athletes vie for points and prize money in the lead-up to the Qatar T100 Triathlon World Championship Final.
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HDB resale prices in Singapore remained unchanged in March 2025 compared to the previous month, despite a notable decline in transaction volume, according to the latest 99-SRX Media Flash Report. The report highlights a 9.2% decrease in the number of resale flats sold, with 1,911 units transacted in March. This marks a 7.4% drop compared to the same period last year.

The report reveals that whilst prices in Mature Estates fell by 0.4%, Non-Mature Estates saw a 0.8% increase. In terms of room types, 3-room, 5-room, and Executive flats experienced price declines of 0.9%, 1.1%, and 2.4%, respectively, whereas 4-room flats saw a 1.1% price increase. Year-on-year, overall prices rose by 9.5%, with all room types recording increases from March 2024.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the dip in transaction volume might indicate a shift in market sentiment. “Buyers may be finding private resale and new launches more appealing, particularly with SORA-linked loans now offering more competitive rates,” he said.

The report also highlighted that 108 HDB resale flats were sold for at least S$1m in March, a decrease from 121 such transactions in February. The highest transacted price was S$1.5m for a 5-room flat at Pinnacle@Duxton.

As buyers continue to explore options in both public and private housing segments, the resale market may remain subdued unless significant changes occur in borrowing costs or government policy.
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The Singapore Heart Foundation (SHF) celebrated its 55th anniversary on 6 April 2025 at the National Gallery Singapore, reaffirming its commitment to combating cardiovascular disease and stroke. The event, themed “Resilient HeARTs: Celebrating 55 Years of Empowering Heart Health,” was attended by Minister for Health Ong Ye Kung and highlighted SHF’s pioneering programmes and initiatives.

Since its establishment in 1970 by dedicated cardiologists and professionals, SHF has been at the forefront of heart health advocacy in Singapore. The Foundation’s efforts are centred around three core pillars: Prevention, Rehabilitation, and Resuscitation. Over the years, SHF has introduced numerous innovative programmes to educate the public, support heart patients, and equip individuals with lifesaving skills.

Professor Tan Huay Cheem, Chairman of SHF, remarked, “From the launch of Singapore’s first National Heart Week in 1972 to the introduction of Asia’s first female manikin vest for CPR training, SHF has always been evolving to address the challenges of an everchanging heart health landscape in Singapore.”

A key highlight of SHF’s preventive efforts is the newly launched CardioChase Game Kiosk, an interactive motion-sensing game designed to educate school students about heart-healthy lifestyles. This initiative follows the success of the online game “Captain Hugo,” launched in September 2022.

SHF’s dedication extends to rehabilitation, providing comprehensive programmes that have empowered thousands of individuals to regain health and vitality post-cardiovascular disease. As SHF looks to the future, it continues to inspire resilience and heart-healthy habits among Singaporeans.
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CapitaLand Investment (CLI) is set to revolutionise its CapitaStar rewards programme by enabling members to earn STAR$® instantly without scanning receipts, starting July 2025. This enhancement is part of a new three-year collaboration with Mastercard, which will serve as the preferred payment scheme partner, offering members additional benefits and rewards.

The initiative coincides with CapitaLand’s 25th anniversary, marking a significant milestone in its ongoing commitment to digital transformation and customer satisfaction. Ervin Yeo, Group Chief Strategy Officer and CEO of Commercial Management at CLI, stated, “Our goal is to make CapitaStar the premier rewards programme by improving our members’ ability to earn and spend STAR$®.”

From July 2025, CapitaStar members can link up to two Mastercard credit or debit cards on the CapitaStar app to earn rewards instantly at participating stores. Additionally, members can use eCapitaVoucher or STAR$® to offset payments and earn rewards. Existing payment methods such as DBS/POSB and ShopBack Pay will continue to offer instant STAR$® earnings.

The collaboration with Mastercard will also introduce exclusive promotional campaigns from Q2 2025, enhancing the rewards experience for CapitaStar members. Deborah Heng, Country Manager for Singapore at Mastercard, highlighted the importance of customer loyalty, stating, “Mastercard is pleased to bring years of innovative technology and deep rewards expertise to this collaboration with CLI.”

CapitaStar, Singapore’s leading multi-property rewards programme, currently serves over 1.8 million members across more than 3,000 stores. The programme has powered over $1.3b in retailer sales in 2024, reflecting its success in driving sales and traffic to retailers.
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DBS has launched a series of ’60-themed’ benefits aimed at supporting heartland merchants in Singapore, coinciding with the nation’s 60th birthday. The initiative, announced on 6 April 2025 at the DBS/POSB “Support Our Heartlands” carnival in Punggol, offers merchants savings of up to S$1,880 through waivers and cashback benefits.

The enhanced Heartland Merchant Banking Package includes a first-year waiver on account fees, no minimum balance, and processing fee waivers for the first 50 GIRO and FAST payments monthly. Additionally, merchants can enjoy six months of free NETS terminal fees, 60% off processing fees for working capital loans, and 6% cashback on Business Advance+ Debit Card spends. A S$60 cashback is also available for maintaining a minimum daily balance of S$20,000 over three months. Merchants signing up before 31 August 2025 stand a chance to win S$6,000.

DBS is also collaborating with partners to offer online courses that equip merchants with digital marketing skills, helping them reach new customers online. Lim Him Chuan, Singapore Country Head at DBS, emphasised the importance of heartland merchants, stating, “They are more than just businesses – they are the heart of our neighbourhoods.”

The carnival, attended by Senior Minister Teo Chee Hean and other officials, featured interactive stations for families to learn about digital and financial habits. The initiative is part of DBS’s ongoing efforts to support financial wellness and business growth in a digital economy.
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JLL has announced the sale of Ching Shine Industrial Building to Soon Hock Group for S$113.m. The 52-unit development, located at 20 Shaw Road, was sold through a tender process. The site, which spans 49,308 square feet, boasts a 100-metre frontage along Shaw Road and is zoned ‘Business 1’ under the 2019 Master Plan.

The sale, subject to conditions including an order of sale by the Strata Titles Board, reflects a unit land rate of approximately S$824 per square foot per plot ratio. The site has an existing gross plot ratio of close to 2.79, pending verification by the Urban Redevelopment Authority.

Walter Tan, CEO of Soon Hock Group, expressed satisfaction with the acquisition, stating, “We are pleased to be the successful bidder of Ching Shine Industrial Building, a strategically located freehold industrial property acquired en bloc, as part of our continued efforts to strengthen our industrial portfolio in Singapore.”

Nicholas Ng, Senior Director of Capital Markets at JLL Singapore, noted the site’s investment potential, highlighting the absence of Additional Buyer’s Stamp Duty as a key attraction for developers. The site offers excellent connectivity to major expressways and is a short walk from Tai Seng MRT Station, enhancing its appeal.

The Ching Shine Industrial Building sale underscores the growing interest in industrial properties in Singapore, with its strategic location and potential for asset enhancement making it a valuable acquisition for Soon Hock Group.
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LSEG’s Deals Intelligence team has released its Singapore Investment Banking Activity Report for the first quarter of 2025, revealing an 18% year-on-year increase in investment banking fees, totalling $191m. Despite this rise, equity capital markets underwriting fees fell by 43% to $7.3m, marking the lowest first-quarter total since 2016. Conversely, debt capital markets fees surged by 139% to $56.9m, whilst advisory fees from completed mergers and acquisitions (M&A) transactions rose by 145% to $104.4m. Syndicated lending fees, however, saw a 73% decline to $22.4m.

M&A activities involving Singapore reached $15.5b, a 6.4% decrease from the previous year, with a notable 32.5% drop in the number of announced deals. The High Technology sector led the M&A activity, capturing 16.2% of the market with deals worth $2.5b, an 81.6% increase from the previous year. Citi emerged as the top financial adviser for M&A, handling transactions worth $2.6b.

In the equity capital markets, Singapore saw a 52.4% decline in activity, totalling $265.7m, the lowest since 2016. Three initial public offerings (IPOs) were launched on Nasdaq, raising $31.2m. The Real Estate sector dominated the equity capital market proceeds, accounting for 61.8% of the total.

Debt capital markets experienced a significant boost, with primary bond offerings reaching $11.9b, a 73.7% increase from the previous year. The Financials sector dominated, capturing 77.9% of the market share. United Overseas Bank led the bonds underwriting league table with $1.3b in related proceeds.

These developments highlight the dynamic shifts within Singapore’s investment banking landscape, with significant growth in debt capital markets and advisory fees, despite challenges in equity markets.
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ST Engineering is poised for significant growth as it capitalises on increased international procurement and the rising urgency for Smart City solutions, according to DBS Group Research.

The company, which has been laying the groundwork through marketing, research and development, and strategic partnerships, is now seeing these efforts bear fruit. The anticipated growth has led to a reassessment of its valuation, with a target price increase to SGD7.50.

The defence sector is expected to experience an upside surprise due to surging international procurement, which aligns with years of groundwork laid by ST Engineering. Additionally, the urgency to adopt Smart City technologies is expected to accelerate, potentially exceeding medium-term targets.

The company is also exploring potential mergers and acquisitions, supported by a strong execution track record and robust balance sheet capacity. This strategic move is expected to provide additional momentum to its growth.

ST Engineering’s historical valuation benchmarks are now considered inadequate to reflect its higher growth trajectory. The company is trading at a notable price-to-earnings growth (PEG) discount, and its earnings visibility justifies the target price raise.

In summary, ST Engineering is entering a new era of growth, driven by international demand and strategic initiatives. This growth is prompting a valuation rethink, positioning the company for a promising future.
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Singapore’s retail sales experienced a second consecutive month of growth in February, with a 3% month-on-month increase, according to UOB Global Economics and Markets Research. However, year-on-year figures revealed a 3.6% decline, attributed to shifting holiday effects. The January to February period saw a modest 0.8% year-on-year rise, bolstered by a recovery in tourist arrivals, which reached 96% of 2019 levels.

Motor vehicles remained a significant contributor to retail sales, with a 10.4% year-on-year increase in January to February. Excluding motor vehicles, retail sales would have declined by 0.5% year-on-year. The report also noted that upcoming Lady Gaga concerts in May are unlikely to significantly boost retail sales, although hotel revenue per available room may benefit as Singapore will be her only Asian stop.

Looking ahead, the opening of new attractions, including a local theme park and Singapore’s fifth zoological park, Rainforest Wild Asia, could enhance domestic tourism and support retail sales. However, escalating tariffs and trade tensions pose risks, potentially impacting both domestic and tourism spending if regional labour market conditions deteriorate.
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