Industry News

Brilliance Capital Pte. Ltd. has announced the sale of a rare freehold commercial building at 562 Serangoon Road, Singapore. This four-storey property, with a land area of approximately 2,336 square feet and a total floor area of 7,453 square feet, is available through an Expression of Interest closing on 9 July 2025.

The building stands out due to its non-conserved status, offering flexibility for redevelopment. Zoned as “Commercial” under the 2019 URA Master Plan, it allows for diverse uses such as serviced flats, co-living spaces, or lifestyle clinics, subject to approval. The ground floor has approved F&B use, enhancing its appeal for investors and business operators.

Strategically located near Farrer Park and Boon Keng MRT stations, the property benefits from high foot traffic and excellent connectivity. It is also close to shopping centres like City Square Mall and Mustafa Centre, and medical hubs such as Farrer Park Hospital. This positioning supports a steady demand for commercial activities.

Sammi Lim, Founder and Executive Director of Brilliance Capital, highlighted the property’s unique attributes, stating, “562 Serangoon Road offers freehold tenure, F&B approval, strata flexibility, and the freedom to enhance or reposition the building without conservation constraints. It is truly a rare gem.”

The building’s pure commercial zoning exempts it from Additional Buyer’s Stamp Duty and Seller’s Stamp Duty, making it an attractive option for both local and foreign investors. With a guide price of $17.2m (S$23.5m), this property presents a compelling opportunity for those seeking a strategic investment in Singapore’s vibrant city fringe.
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Singapore’s Prime Minister Lawrence Wong officiated the groundbreaking ceremony for Changi Airport’s Terminal 5 on 14 May 2025, marking a significant milestone in the airport’s expansion. Designed to handle 50 million passengers annually in its first phase, Terminal 5 will enhance Changi’s position as a leading air hub, leveraging state-of-the-art systems and extensive automation to meet growing travel demands.

Terminal 5 will integrate with existing terminals, allowing Changi to operate as a single air hub. The Singapore Airlines Group plans to consolidate its operations under one roof at the new terminal, which will also accommodate other carriers. The terminal’s design, inspired by Singapore’s blend of nature and urban life, aims to provide a “mega yet cosy” experience, according to Changi Airport Group CEO Yam Kum Weng.

The terminal will feature a ground transportation centre, enhancing connectivity with train, bus, and taxi services, and plans are underway to extend major rail lines to link Terminal 5 to the city centre. Additionally, the terminal will support air and sea connectivity, offering seamless travel options to neighbouring destinations.

Terminal 5 is set to be a Green Mark Platinum Super Low Energy building, incorporating clean energy solutions like a large rooftop solar system. It will also be equipped with advanced technologies for automation and sustainability, including contactless systems to reduce disease transmission.

The project, paused during the COVID-19 pandemic, resumed in 2022 with a focus on resilience and sustainability. Terminal 5 is part of the broader Changi East development, which includes industrial and urban districts aimed at bolstering Singapore’s aviation and business sectors. As construction progresses, Terminal 5 is poised to become a pivotal element in Singapore’s aviation landscape, supporting long-term growth and connectivity.
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PropNex Realty, Singapore’s largest real estate agency, has announced the launch of a tender for two freehold terrace houses located at 137 and 139 Devonshire Road. The properties, set to go on sale on 15 May 2025, have a guide price of S$14m, equating to S$1,629 per square foot based on the potential gross floor area.

The combined land area of the plots is approximately 285.2 square metres, and they are zoned for residential use with a plot ratio of 2.8 under the 2019 Master Plan. Situated in District 9, the site is within walking distance of Orchard Road, offering significant redevelopment potential. Subject to approval, the properties could be transformed into a six-storey serviced flat development. Additionally, the future owner may have the opportunity to acquire adjacent state land, further expanding the development footprint.

Tracy Goh, Head of Capital Markets at PropNex, expressed confidence in the property’s appeal, stating, “We expect strong interest for the property from family offices and investors seeking stable, recurring income and long-term value.” She highlighted the freehold status and strategic location as key factors for legacy planning.

The properties benefit from excellent connectivity, being just minutes from Somerset MRT station, and are surrounded by a vibrant mix of eateries and commercial offerings. The tender for these properties closes on 5 June 2025 at 3 pm, and they must be purchased collectively.
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Circles.Life, Singapore’s pioneering digital telco, has announced the launch of CirclesAI, offering subscribers free and unlimited access to OpenAI’s latest GPT-4.1 model. This makes Circles.Life the first telco in Singapore to embed such advanced AI capabilities directly into its mobile plans, excluding data-only plans. The new feature, available through the Circles.Life app, allows users to perform tasks such as document summarisation and budget analysis, aligning with Singapore’s Smart Nation initiative.

The introduction of CirclesAI is complemented by Carly, a GenAI-powered customer support agent integrated with Zendesk, providing immediate assistance within the app. This development underscores Circles.Life’s commitment to making premium AI services accessible, enabling users to incorporate AI into their daily routines without additional costs.

Hashim Muntazar, Country Head of Circles.Life, stated, “As Singapore pushes forward as an AI leader, telcos must evolve to deliver smarter digital services. CirclesAI gives our users early access to GPT-4.1 capabilities, and by offering this free through our mobile plans, we’re putting powerful tools directly in our users’ hands.”

Currently, CirclesAI and Carly are accessible exclusively via the Circles.Life app. The company plans to expand its AI-driven services, introducing personalised AI-powered perks and smarter connectivity solutions tailored to individual needs. Beyond AI, subscribers will continue to enjoy lifestyle perks worth up to $200, reinforcing Circles.Life’s dedication to providing value beyond traditional telco services.
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Singapore’s real estate market experienced varied performance in the first quarter of 2025, according to the latest report by Edmund Tie & Company. Investment sales totalled S$5.8b, an 11.6% decrease from the previous quarter but a 38.4% increase year-on-year. This was driven by six Government Land Sales (GLS) sites, contributing S$3.6b, as developers cautiously navigated rising development costs and economic uncertainties.

Office rents in Singapore rose by 0.3% quarter-on-quarter, reversing a two-quarter decline. The island-wide office occupancy rate dipped slightly to 94.5%, with net absorption reaching 518,000 square feet, supported by new developments like Keppel South Central. The demand for premium and Grade A office spaces remained strong, particularly in the Central Business District (CBD).

In the industrial sector, property prices increased by 1.5% quarter-on-quarter, with multiple-user factory prices rising by 1.9%. The occupancy rate held steady at 89.0%, whilst rental rates in the warehouse and logistics segment rose by 0.3%.

The retail sector maintained stability, with tourist arrivals at 4.3 million, indicating a return to pre-pandemic levels. However, the island-wide retail occupancy rate fell to 93.2%, as central area retail spaces faced selective leasing demand.

Looking ahead, Singapore’s real estate market is projected to reach S$20 to S$24b in investment sales for 2025. Despite challenges such as high borrowing costs and rising construction expenses, the market is expected to benefit from strategic opportunities and upcoming GLS tenders.
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Dupixent, a biologic medicine developed by Sanofi and Regeneron, has been approved by the Health Sciences Authority (HSA) in Singapore as an add-on maintenance treatment for adults with uncontrolled chronic obstructive pulmonary disease (COPD). This approval follows similar endorsements in the EU, US, and China, and is based on two phase 3 studies demonstrating significant reductions in exacerbations and improvements in lung function and quality of life compared to placebo.

The approval marks a significant milestone as Dupixent is the first biologic medicine available for COPD patients in Singapore. COPD, a progressive lung disease, affects approximately 6% of the population and is a leading cause of death. Weeling Quek, Head of Immunology at Sanofi Southeast Asia and India, stated, “With the Singapore approval of Dupixent for COPD, we are not just launching a new indication; we are igniting a beacon of hope for countless individuals.”

The phase 3 studies, BOREAS and NOTUS, involved 1,874 patients and showed a 30% and 34% reduction in the annualised rate of moderate or severe COPD exacerbations over 52 weeks, respectively. Additionally, patients experienced rapid improvements in lung function and health-related quality of life. Safety results were consistent with Dupixent’s known profile, with common adverse events including viral infections and headaches.

This approval is part of Sanofi and Regeneron’s broader effort to transform COPD treatment by targeting inflammation pathways. Dupixent’s approval in Singapore offers new hope for patients with this debilitating disease, potentially improving their quality of life and reducing hospitalisations.
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Cariflex Pte Ltd, a leader in polyisoprene rubber latex, has inaugurated the world’s largest polyisoprene latex plant on Jurong Island, Singapore, following a substantial investment of over $355m. The facility, officially opened on 14 May 2025, aims to meet the rising demand for high-quality synthetic latex used in medical and protective applications.

The plant’s inauguration was attended by Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Tan See Leng, alongside other distinguished guests including the Ambassador of the Republic of Korea, Hong Jin Wook, and executives from DL Chemical and Cariflex. The new facility, spanning 61 hectares, is strategically positioned to serve Southeast Asia’s critical manufacturing sites for surgical gloves and condoms.

Cariflex CEO, Ryu Sang Woo, highlighted Singapore’s advantages, stating, “Singapore’s thriving financial, innovation, and logistics hubs, along with a highly skilled workforce and strong IP protection, made this the ideal choice for our investment.” The plant, which began construction in 2022 and commenced operations in November 2024, is designed for modular expansion to accommodate future demand growth.

The opening of the plant aligns with Singapore’s push to develop high-value, innovation-driven industries, creating approximately 80 new permanent roles, primarily filled by Singaporeans. Cariflex has invested in talent development through training programmes in Brazil and Korea, focusing on operations, safety, quality, and digital systems. This expansion reinforces Cariflex’s leadership in the global polyisoprene latex market, doubling its 2023 manufacturing capacity.
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The Nuggets Academy, previously known as Math Nuggets, has announced its rebranding and expansion to include English and Science courses, in addition to its established mathematics programme. This change comes in response to growing demand from parents and students for a more comprehensive educational offering. Founded by Sandra Lim, an educator with over 20 years of experience, the academy has supported over 1,000 students with its bite-sized, concept-focused teaching approach.

The rebranding reflects the academy’s commitment to providing a well-rounded education, addressing areas where students often require additional support. “The expansion into English and Science was a natural next step,” said Lim, highlighting the consistent requests from parents for broader subject support.

In line with its new offerings, The Nuggets Academy is launching a Holiday Bootcamp this June, specifically designed for Primary 5 and 6 students. The bootcamp aims to provide a high-impact learning experience, focusing on core skills in Maths, Science, and English Creative Writing. The sessions will cover essential topics and problem-solving strategies, with a strong emphasis on practical application and confidence-building.

The Holiday Bootcamp will take place at the academy’s location in Hougang, Singapore, with sessions capped at 12 students to ensure personalised attention. Parents are encouraged to register early, as spaces are limited. The early bird rate for the bootcamp is $235 (S$320), with the regular price set at $265 (S$360).

The Nuggets Academy’s expansion is a strategic move to adapt to the evolving educational landscape and maintain its student-first approach. As Lim continues to lead the academy, she remains dedicated to making learning joyful, personalised, and effective for every student.
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Novonesis, a leading biosolutions company, co-hosted the “Unlocking Value for a Sustainable Future” Partnering Day 2025 in Singapore on 7 May. The event, in collaboration with Novo Holdings and Flagship Pioneering, aimed to explore the potential of biosolutions in transforming agriculture and food systems amidst growing global sustainability challenges.

The gathering brought together leaders from food, agribusiness, and waste management sectors to discuss resource optimisation and the scaling of innovative biosolutions. Investors identified high-growth opportunities in biosolutions and circular economy models, which are crucial for sustainable business impact. The event showcased real-world advances, such as waste valorisation and resource optimisation, highlighting the transformative potential of biosolutions.

Rasmus Bjørnø, Deputy Head of Mission at the Royal Danish Embassy in Singapore, opened the event, followed by a keynote from Anders Spohr, Managing Partner at Novo Holdings. Spohr emphasised the strategic role of biosolutions in reshaping agriculture and food systems. Lensey Chen, APAC President of Novonesis, noted, “Our portfolio of biosolutions is the market’s broadest and can be used to expand operations through greater flexibility.”

The event underscored the importance of partnerships in accelerating the biorevolution. Deepa Hingorani, Partner at Novo Holdings, remarked, “The bioeconomy holds exponential potential, and we see partnerships as essential to unlocking it.”

Novonesis, formed in 2024 through the merger of Novozymes and Chr. Hansen, continues to drive impact through innovation and collaboration, advancing biosolutions across various industries.
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GXS Bank has announced the retirement of its Group Chief Executive Officer, Muthukrishnan Ramaswami, effective 31 May 2025. Ramaswami, who joined the bank in February 2023, will continue to contribute as a Senior Adviser. Pei-Si Lai, currently the CEO of GXBank in Malaysia, will succeed him as Group CEO from 1 June 2025.

Lai’s appointment marks a significant transition for GXS Bank, as she brings extensive experience in digital banking. Under her leadership, GXBank became Malaysia’s first digital bank, achieving rapid growth and industry recognition. During her tenure, GXBank welcomed over a million customers and completed more than 124 million transactions within a year.

Ramaswami’s tenure at GXS Bank was pivotal in establishing the bank’s regional technology and data infrastructure, enabling the launch and scaling of digital banks in Singapore, Malaysia, and Indonesia. His leadership facilitated the acquisition of Validus Capital, marking the first merger and acquisition by a digital bank in Singapore.

Chairman of the GXS Bank Board, Hsieh Fu Hua, expressed gratitude for Ramaswami’s contributions, stating, “We are much indebted to Ramu for helping us build regional capabilities and infrastructure.” He also expressed confidence in Lai’s ability to lead the bank, noting her unique experience and understanding of digital banking’s impact.

As GXS Bank continues its mission to drive financial inclusion and innovation across Southeast Asia, Lai’s leadership is expected to further the bank’s ambition of becoming the region’s leading digital bank.
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