Industry News

In the competitive world of event production, Miki Hay, founder and managing director of HDFX Pte. Ltd., has built a formidable reputation for delivering the seemingly impossible. Launching her business during the 2008 financial crisis whilst pregnant, Miki’s journey is a testament to resilience and innovation in Singapore’s evolving events industry.

Miki’s career began after returning from her studies in Australia, diving into the events sector with ambition but no clear blueprint. She founded HDFX before marriage, at a time when opportunities for boutique agencies were scarce. Her passion for fast-paced multitasking and creativity laid the groundwork for a company that would become a trusted partner for both local and global brands.

The 2008 financial crisis posed significant challenges, with Miki pregnant and facing financial uncertainty. “I had no money. I was so afraid I couldn’t even afford to see a doctor or give birth safely,” she recalls. Despite these hardships, she persevered, keeping her business afloat.

A decade later, Miki faced another test when her second child was born prematurely. Balancing motherhood and business, she remained determined: “This company is also my baby. I had to find a way to keep both alive and thriving.”

Today, HDFX is recognised for its innovative, data-driven activations. Miki leads a team of eight, fostering creativity and ethical leadership. Looking forward, she aims to expand HDFX across Asia, embracing tech-enhanced experiences and launching CSR initiatives.

Miki’s story underscores the power of vision and perseverance, proving that enduring success requires more than just grit—it demands heart and the courage to keep going.
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COURTS Singapore, a leading retailer of electrical, IT, and furniture products, is celebrating Singapore’s 60th birthday with a series of promotions and events under the theme “Building Your Everyday the Singaporean Way.” The campaign, inspired by the SG60 theme “Building Our Singapore Together,” will run for 11 weeks leading up to National Day, offering exclusive deals and activities both in-store and online.

The SG60 campaign is centred around four key themes: “Tech Nation,” “Building Homes, Creating Memories,” “Celebrating Our Homes,” and “Togetherness.” These themes reflect COURTS’ commitment to supporting Singaporeans in building their dream homes with affordable products and trusted service. “COURTS has grown alongside the nation for 51 years,” the company stated, highlighting its role in helping generations of Singaporeans create lasting memories.

Customers can look forward to limited edition gifts, such as “Everyday Singaporeans’ Icon” stickers and enamel mugs, with minimum purchases. A social media contest, “Turn Your Home Stories into Lasting Memories This SG60,” invites participants to share their COURTS memories for a chance to win a Samsung Music Frame and a personalised illustration.

Additionally, iconic photobooths will be set up at COURTS stores, including the flagship store at The Heeren, where shoppers can capture moments with loved ones. The celebration will also feature 3D videos displayed at The Heeren’s façade.

COURTS’ SG60 campaign not only celebrates Singapore’s milestone but also reinforces the retailer’s dedication to providing competitive prices and innovative shopping experiences. As part of the festivities, COURTS will release 60 spotlight deals daily, counting down to Singapore’s 60th birthday.
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C-suite executives in Singapore are rapidly integrating artificial intelligence (AI) into their organisations, yet many lack the necessary governance frameworks to manage associated risks effectively. According to the 2025 EY Responsible AI Pulse survey, whilst 100% of Singaporean respondents have integrated AI into their initiatives, only 53% have moderate to strong controls to protect these systems from threats like unauthorised access and corruption.

The survey, conducted between March and April 2025, gathered insights from 975 C-suite leaders across 21 countries, including 30 from Singapore. It highlights a significant gap in risk awareness, with only half of the executives understanding the risks associated with emerging AI technologies such as agentic AI.

Manik Bhandari, EY Asean Artificial Intelligence and Data Leader, emphasised the need for operational grounding in AI ambitions. “True integration requires reengineering core business processes and redesigning functional roles,” he stated. Despite the Singapore government’s support through initiatives like the Enterprise Compute Initiative, Bhandari warns that organisations may overestimate their progress without proper alignment between business and technology leaders.

The survey also reveals that 67% of Singaporean executives believe their current approach to technology-related risks is insufficient for future AI challenges. Furthermore, whilst 90% plan to use agentic AI within the next two years, only 55% are familiar with its risks.

Bhandari added, “As organisations push to scale AI, governance must evolve in tandem. Without the right oversight, even well-intentioned AI deployments can lead to unintended consequences.” This underscores the urgent need for embedding clear accountability and control mechanisms to sustain AI’s long-term value.
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The Singapore Exchange (SGX) has reported a mixed outlook for its securities trading activities in the first half of 2025. Despite an initial peak in April, the securities daily average value (SDAV) has experienced a month-on-month decline. Analysts attribute the recent share price rally to investor confidence in Singapore as a safe haven, buoyed by optimism surrounding initial public offerings (IPOs) and anticipated benefits from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).

SGX’s valuation has been adjusted forward to the financial year 2026, with an increased price-to-earnings ratio of 23.5 times, up from 22 times. This adjustment reflects a 6% upside potential, with a target price of $11.70 (SGD16). However, much of the market optimism may already be factored into current valuations.

The recent analysis by Shekhar Jaiswal highlights the potential for growth in trading activity, although the decline in SDAV since April suggests caution. “The share price rally likely reflects investor rotation into Singapore as a safe haven,” Jaiswal noted, emphasising the role of MAS’s EQDP in driving market sentiment.

Looking ahead, the SGX’s performance will likely hinge on the successful implementation of MAS initiatives and the broader economic environment. Whilst the current outlook remains neutral, the potential for increased trading activity and IPO success could provide a boost to the exchange’s future performance.
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The International Swaps and Derivatives Association (ISDA) and Ant International have unveiled a report under the Monetary Authority of Singapore’s (MAS) Project Guardian, focusing on the use of tokenised bank liabilities and shared ledgers in foreign exchange (FX) settlement and cross-border payments. This initiative aims to enhance liquidity and efficiency in financial markets through asset tokenisation.

The report, developed by the Project Guardian FX industry group, outlines design principles for tokenised bank liabilities to standardise practices and enable interoperability. It also addresses key risks and mitigation strategies for shared ledger-based payments. Real-world use cases demonstrate the potential for faster and more secure cross-border transactions, potentially reducing settlement times to mere seconds.

Ant International’s blockchain-based Whale platform has been instrumental in developing a global treasury management use case for real-time multi-currency clearing and settlement. This innovation addresses the significant hurdles businesses face in cross-market payments, such as limited settlement windows and high transaction fees, which currently cost an estimated $120b annually.

Scott O’Malia, CEO of ISDA, emphasised the transformative potential of tokenisation in reducing costs and risks in FX settlements. Kelvin Li, General Manager of Platform Tech at Ant International, highlighted the company’s commitment to evolving their platform to support businesses of all sizes with the latest shared ledger technology.

The report is available on the MAS website, and ISDA, along with Ant International, plans to continue developing use cases to further integrate tokenised bank liabilities into existing banking systems, aiming to save businesses over $50b by 2030.
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JTC Corporation has announced the upcoming public tender for an industrial site at Plot B Tukang Innovation Drive, following an acceptable application under the Industrial Government Land Sales (IGLS) Programme. The tender, set to commence on 29 July 2025, will run for six weeks, with a committed bid price of no less than $70.5m.

The site, part of the Reserve List system under the first half of the 2025 IGLS Programme, spans 1.87 hectares with a gross plot ratio of 2.5. It is zoned for B2 industrial use and comes with a 33-year tenure. The Reserve List system requires JTC to disclose the minimum bid price but not the applicant’s identity.

This tender marks a significant opportunity for industrial development in the area, reflecting the government’s ongoing efforts to optimise land use for industrial purposes. The release of this site is expected to attract interest from various sectors looking to expand their operations in Singapore.

Further details about the land parcel can be accessed on the JTC website, providing potential bidders with comprehensive information to prepare their submissions.
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Retail and food & beverage (F&B) services in Singapore experienced a 1.4% year-on-year increase in sales for May 2025, according to the latest Retail Sales Index (RSI) and Food & Beverage Services Index (FSI). The growth was primarily driven by a significant rise in motor vehicle sales, which surged by 10.4% compared to the previous year.

The total retail sales value for May 2025 was estimated at $4.2 billion, with online sales contributing 12.3% of this figure. Excluding motor vehicles, retail sales remained flat year-on-year, with a slight month-on-month decline of 0.6% when seasonally adjusted. Notably, the Computer & Telecommunications Equipment sector saw a 9.2% increase in sales, whilst Supermarkets & Hypermarkets grew by 7.2%.

In contrast, sectors such as Petrol Service Stations and Wearing Apparel & Footwear faced declines, with sales dropping by 9.4% and 5.3% respectively. The Watches & Jewellery sector also saw a significant month-on-month decline of 11.5%.

The F&B sector mirrored the retail trend with a 1.4% year-on-year increase in sales, reaching a total value of $1.0 billion. Online sales accounted for 25.2% of the total F&B sales. Food Caterers led the growth with a 17.2% increase, whilst Cafes, Food Courts & Other Eating Places, and Fast Food Outlets also reported positive growth. However, Restaurants experienced a 4.2% decline in turnover.

These indices highlight the mixed performance across different sectors, with motor vehicles and certain retail categories driving overall growth. The data underscores the importance of adapting to changing consumer preferences and market conditions in Singapore’s dynamic retail and F&B landscape.
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Malaysia’s Gamuda Berhad and Singapore’s Q Investment Partners (QIP) have announced the Phase 2 expansion of their student accommodation project in Woolwich, London. This development, valued at approximately $50.5m, will add 120 beds, bringing the total to 419 units. The expansion follows the successful completion of Phase 1 and is part of Gamuda’s strategy to provide 3,000 student beds in the UK by 2029.

The project is strategically located within the Royal Arsenal regeneration area, offering excellent connectivity to central London via the Elizabeth Line. Students will benefit from commute times of under 35 minutes to major universities, including the University of Greenwich and King’s College London. The development will feature amenities such as private study areas, fitness facilities, and a community hub.

Chu Wai Lune, CEO of Gamuda Land, expressed confidence in the UK student housing sector, stating, “The success of Phase 1 reinforces our confidence in the UK student housing sector and in our ability to create high-quality, sustainable living spaces that resonate with global student needs.”

Peter Young, CEO of QIP, highlighted the project’s significance, saying, “This Phase 2 agreement underscores the strength of our joint venture with Gamuda and our shared ambition for delivering institutional-quality student accommodation.”

The UK purpose-built student accommodation (PBSA) market continues to attract investment due to a persistent undersupply of student beds and strong international student growth. Gamuda and QIP’s expansion reflects their commitment to addressing these demands whilst creating long-term value for investors and communities. Completion of Phase 2 is expected in Q4 2026.
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Samudera Shipping Line, a prominent Singapore-based container shipping company, is poised to capitalise on the ongoing relocation of supply chains to Southeast Asia. The company’s feeder services, which connect Singapore with various Asian ports, are expected to see increased demand due to the region’s competitive labour costs and improving infrastructure. This shift is further supported by the US tariff policies affecting large Chinese vessels, potentially increasing the demand for smaller feeder vessels like those operated by Samudera.

Samudera Shipping Line, which handles over 30% of independent feeder-carried container volume at the Singapore hub, derives the majority of its revenue from Southeast Asia. The company is well-positioned to benefit from the region’s expanding production base, with 80% of its revenue coming from Southeast Asia and 17% from the Middle East and the Indian Subcontinent. The company’s container shipping segment is its largest, contributing to 92% of its revenue and 98% of its operating profit in 2024.

The recent US tariff war and subsequent 90-day pause have led to a surge in US-bound shipments from Asia, boosting container throughput at the Port of Singapore by 6.6% year-on-year in the first five months of 2025. This trend is expected to support Samudera’s financial performance in the first half of 2025.

Despite not operating transpacific routes, Samudera may benefit from the US’s new port-fee policy, which exempts smaller China-built vessels. This policy could lead to increased demand for feeder vessels, enhancing Samudera’s market position. With a strong net cash position forming 69% of its market cap, Samudera is trading at 0.62 times its trailing price-to-book ratio, presenting a robust financial outlook amidst global supply chain shifts.
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The Robertson Opus, a new residential development in Singapore’s prestigious District 9, attracted over 3,000 visitors during its first preview weekend, according to a spokesperson for the consortium comprising Frasers Property and Sekisui House. The development, which offers a 999-year leasehold, is the only one of its kind in the Core Central Region this year, as of 5 pm on 6 July 2025.

Located along the Singapore River in Robertson Quay, The Robertson Opus promises unique riverside living with excellent connectivity to the city’s creative, civic, and financial districts. It also offers proximity to top educational institutions and the renowned Orchard Road shopping belt. The development’s units are priced from $1.01 million (S$1.37 million), with options ranging from a 431 square foot suite to a 1,539 square foot four-bedroom premium unit.

The preview weekend saw interest from a diverse group of potential buyers, including couples, families, and multi-generational families, many of whom are looking to build intergenerational wealth and lasting legacies. Sales bookings for the development are set to commence on 19 July 2025.

The Robertson Opus is positioned as an iconic masterpiece in Singapore’s real estate landscape, offering both luxury and strategic location advantages. As the launch progresses, it is expected to continue drawing significant attention from both homebuyers and investors.
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