Industry News

JCB International Co Ltd, the international arm of Japan’s sole international payment brand, has teamed up with Mandai Wildlife Group to offer exclusive discounts to JCB cardmembers. Starting 1 July 2025, cardmembers will benefit from enhanced perks across all five parks at Singapore’s Mandai Wildlife Reserve, including Singapore Zoo, Night Safari, River Wonders, Bird Paradise, and the newly launched Rainforest Wild Asia.

The promotion, which aims to boost visitorship, is available to JCB cardmembers worldwide, with a particular focus on Japan, Taiwan, India, and other Asian regions. Cardmembers will receive a 30% discount on admission tickets purchased via the Mandai website and a 10% discount on retail and dining purchases within the parks.

Hiroko Michishita, Managing Director of JCB International Asia Pacific, expressed enthusiasm about the collaboration, stating, “We see the Mandai Wildlife Reserve as a special place where people can have meaningful encounters with wildlife and nature. By facilitating a superior seamless payment experience and benefits at the destination, we hope our cardmembers can better explore the precinct’s rich and diverse offerings.”

Additionally, JCB is now fully integrated into Mandai’s payment ecosystem, covering everything from shuttle services to dining and retail, including the newly opened Mandai Rainforest Resort by Banyan Tree. This partnership underscores JCB’s commitment to providing high-quality services and products to its global customer base.

Ultima Markets has unveiled the first sustainability academy within the Contract for Difference (CFD) industry, marking a significant milestone in financial services. Developed by the Ultima Impact Foundation, this initiative aims to make expert knowledge on sustainability accessible to everyone. The academy offers a series of short video lessons led by professors from renowned universities and top scientists in the climate sector, simplifying complex topics into actionable insights.

The academy’s content, typically reserved for graduate-level courses, is now freely available on Ultima Markets’ website. Jean Philippe, Director of the Ultima Impact Foundation, emphasised the goal of making sustainability topics more approachable: “Our goal with the academy is to demystify these topics and make them more approachable and relatable to everyone.”

This educational endeavour is part of Ultima Markets’ broader sustainability agenda. As the first CFD broker to join the United Nations Global Compact, the company aligns its operations with the UN’s 17 Sustainable Development Goals, using education as a tool for global progress. By opening the academy to all, Ultima Markets hopes to foster greater awareness and inspire global engagement in sustainability.

Ultima Markets, a licensed multi-asset broker, serves traders in over 170 countries, offering access to more than 250 CFD instruments. The company has received accolades for its advanced trading platform and educational initiatives, further solidifying its commitment to sustainability and ethical finance.
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DBS Bank has announced a strategic partnership with major retail brands Cold Storage, CS Fresh, Giant, Guardian, and 7-Eleven, making it the sole bank in Singapore to provide spending privileges at over 680 outlets. This collaboration aims to deliver significant savings for DBS/POSB cardholders amidst rising cost-of-living concerns, with exclusive deals on everyday essentials.

With Singaporeans increasingly focused on value due to economic pressures, this partnership addresses the demand for savings on daily purchases. A NielsenIQ survey highlights that one in four Singaporeans are keen to save more in 2025, a sentiment echoed across the Asia-Pacific region. The partnership offers DBS/POSB cardholders exclusive deals, including up to 18% cash rebates for DBS yuu cardholders and up to 9% for PAssion POSB debit cardholders.

Chan Sow Han, Head of Payments & Platforms at DBS Singapore, stated, “This partnership represents a significant milestone in our commitment to helping Singaporeans get the most value from their everyday spending.” The collaboration is designed to enhance customer value and address cost-of-living concerns through meaningful partnerships.

Retail partners also expressed their commitment to customer value. Lim Boon Cheong of Cold Storage and Giant emphasised the focus on providing rewards and savings on essential items. Naresh Kalani of Guardian highlighted the partnership’s role in making wellness more accessible, whilst Anushree Khosla of 7-Eleven noted the enhanced value for customers’ daily needs.

From July to September 2025, DBS/POSB cardholders can enjoy exclusive promotions, such as discounts at Cold Storage and Giant, and special offers at Guardian and 7-Eleven. The partnership promises ongoing promotional activities to maximise customer value.
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Din Tai Fung is marking Singapore’s 60th birthday with the introduction of two special menu items that celebrate the nation’s culinary heritage. Available from 1 July to 31 August 2025, diners can indulge in the returning favourite, Steamed Chilli Crab & Pork Xiao Long Bao, and the new Steamed Kaya Bun.

The Steamed Chilli Crab & Pork Xiao Long Bao, priced at $11.50 per basket of four, features dumplings that are 40% larger than the classic version. Each is meticulously wrapped with 18 folds and filled with succulent pork, fresh crab meat, and a spicy chilli crab broth, paying homage to Singapore’s iconic dish.

Debuting alongside is the Steamed Kaya Bun, available at $3 each or $8.50 for three. This treat boasts dough infused with palm sugar, giving it a caramel tint and sweetness. Filled with silky Nonya kaya and topped with toasted coconut flakes, it offers a delightful aromatic crunch. Whilst available at all Din Tai Fung outlets for a limited time, it will become a permanent menu item at Resorts World Sentosa.

These offerings not only highlight Din Tai Fung’s commitment to celebrating local flavours but also provide a unique dining experience for both locals and tourists. Prices may vary across locations and are subject to prevailing GST and service charges.
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The Singapore office market has demonstrated resilience in Q2 2025, marking the second consecutive quarter of rental growth despite global economic uncertainties. According to CBRE Research, gross effective rents for Core CBD (Grade A) offices increased by 0.4% quarter-on-quarter, reaching $12.10 per square foot per month. This growth is attributed to a continued “flight to quality,” with occupiers favouring premium office spaces.

Vacancy rates in the Core CBD (Grade A) decreased from 5.9% in Q1 2025 to 5.3% in Q2 2025. Tricia Song, CBRE Head of Research, Southeast Asia, noted that the IOI Central Boulevard Towers played a significant role in absorbing market overhang, achieving an occupancy rate of approximately 85% by Q2 2025.

David McKellar, CBRE Head of Office Services, Singapore, highlighted the diverse mix of tenants attracted to the Core CBD, including firms from the insurance, asset management, and pharmaceutical sectors. He noted, “Prime office spaces in the secondary market, particularly those in central locations, have been swiftly taken up.”

In the decentralised office market, rentals remained stable despite a rise in vacancy rates from 6.2% in Q1 to over 7% in Q2 2025, driven by new supply from projects like Labrador Tower and Paya Lebar Green. Advanced negotiations are underway for remaining spaces at Paya Lebar Green.

The office investment market saw a 35.3% quarter-on-quarter slowdown in transactions to $207.07m. Michael Tay, CBRE Singapore Advisory Deputy Managing Director, stated that Singapore’s status as a safe haven continues to attract investor interest.

Looking ahead, CBRE Research has upgraded its rental forecast, projecting rental growth for 2025 to reach the upper end of the 2–3% range, supported by reduced new supply and strong market fundamentals.
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The Monetary Authority of Singapore (MAS) is set to launch a S$5b Equity Market Development Programme (EMDP) to bolster liquidity in Singapore’s mid-cap stocks. This initiative, expected to commence in the coming months, targets stocks with a market capitalisation between S$0.5b and S$3b, focusing on those with an average daily trading volume (ADTV) exceeding S$2m.

The EMDP is designed to enhance market liquidity and support Singapore’s fund management ecosystem. The funds will be allocated from MAS’s investment portfolio and the Financial Sector Development Fund, with deployment anticipated as early as the fourth quarter of 2025. The programme prioritises non-index stocks and actively managed strategies, excluding Real Estate Investment Trusts (REITs).

UOBKayHian identified 16 stocks meeting the high liquidity threshold, including Centurion Corp, ComfortDelGro, and iFAST. These stocks were selected based on criteria such as past earnings growth, return on equity, and price-to-earnings valuations. Notably, iFAST is highlighted for its record-high assets under administration and projected strong earnings growth.

Lowering the ADTV threshold to S$1m expands the pool of attractive stocks by nine, with Hong Leong Asia and Food Empire standing out for their earnings growth and robust balance sheets.

The initiative is expected to increase trading velocity and turnover, enabling investors to rebalance portfolios, meet redemptions, and manage risks effectively. The Straits Times Index (STI) is forecast to reach 4,054 by the end of 2025, reflecting a 2.2% upside from current levels, supported by a 1.2% earnings growth forecast for index stocks.

In conclusion, MAS’s EMDP is poised to significantly impact Singapore’s mid-cap market, enhancing liquidity and providing new opportunities for investors.

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The Singapore Island Country Club (SICC) has launched an innovative sustainability initiative, transforming the limbs and trunks of trees felled by inclement weather into functional golf course markers. This initiative not only reduces waste but also minimises carbon emissions by eliminating the need for off-site disposal and decreasing reliance on synthetic materials.

SICC’s Director of Golf Course Management, Tai Wae Meng, highlighted the programme’s alignment with Singapore’s national efforts to extend the lifespan of Pulau Semakau, the country’s only landfill. “Our approach reduces waste, lowers costs, and supports Singapore’s national effort to extend the lifespan of Pulau Semakau,” he said. The club, which boasts over 6,000 trees across its courses, prioritises the preservation of mature trees with historical and ecological significance.

The initiative, which began during the Bukit Course upgrade for its 100th anniversary, has expanded with the redevelopment of The Island Course, set to reopen in late 2025. Trees with a minimum girth of 30 cm are selected for repurposing, whilst others are preserved with lightning protection systems and bracing.

SICC’s efforts have earned recognition from the Golf Environment Organisation, with the club housing two NParks-endorsed Heritage Trees. General Manager Ian Geoffrey Roberts stated, “Repurposing and replanting trees supports biodiversity, nutrient cycling, and carbon storage, making a meaningful contribution to climate resilience.”

Looking forward, SICC plans to explore further tree reuse initiatives, including crafting furniture and organic mulch, ensuring that sustainability remains at the heart of its operations.
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Ping Identity, a leader in digital identity security, has announced the launch of its data centre in Singapore, hosted on Amazon Web Services (AWS). This strategic expansion is set to enhance the company’s ability to deliver localised, high-performance identity and access management (IAM) solutions to businesses throughout the Asia-Pacific region. The new centre will provide faster, simplified access to Ping Identity’s full suite of services, addressing the growing demand for secure and scalable digital identity solutions.

The launch is particularly significant for mid-sized and large enterprises in sectors such as technology, hospitality, retail, healthcare, financial services, and manufacturing. These organisations will benefit from improved performance due to lower latency and faster response times, as well as assurance that identity data is hosted within the region, addressing data residency and compliance concerns. “This signifies Ping Identity’s commitment to supporting the digital transformation of businesses in Asia,” said Jasie Fon, Regional Vice President, Asia at Ping Identity.

The AWS Singapore data centre will also offer increased trust with enterprise-grade security and scalability, and simplified deployment of IAM solutions, enabling quicker time-to-value for businesses. AWS Regions consist of Availability Zones that ensure business continuity whilst providing low latency for high availability applications.

Ping Identity continues to deliver secure and seamless digital experiences, integrating easily with existing ecosystems and offering cutting-edge services like AI-driven fraud prevention. This move reinforces its position as a one-stop shop for digital identity solutions, supporting businesses in their digital transformation journey.
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Private home and HDB resale flat prices in Singapore experienced a slower, more sustainable increase in Q2 2025, according to flash estimates from the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB). The modest rise is attributed to weaker sales and a limited number of new launches, alongside a healthy supply of new flats and cooling measures impacting the HDB resale market.

Private home prices saw a marginal increase of 0.5% quarter-on-quarter (QOQ), a slowdown from the 0.8% growth in Q1 2025. This brings the cumulative rise in private residential property prices to 1.3% for the first half of 2025, compared to a 2.3% increase in the same period last year. The Landed private homes segment led the price increase with a 0.7% QOQ rise, despite a 17.5% drop in transactions.

Non-landed private homes recorded a 0.5% QOQ price increase, with the Rest of Central Region (RCR) experiencing a 1.1% decline, marking its first price drop in six quarters. Meanwhile, the Core Central Region (CCR) and Outside Central Region (OCR) saw price increases of 2.3% and 0.9% QOQ, respectively.

Ismail Gafoor, CEO of PropNex Realty, noted, “The flash estimates showed that private home prices grew at the slowest pace in three quarters in Q2 2025 at 0.5% QOQ. This may be partly due to the limited number of new project launches during the quarter.”

Looking ahead, PropNex anticipates a pick-up in private home sales in Q3 2025, with several new projects expected to launch, potentially supporting price stability. The upcoming projects, including W Residences Singapore and The Robertson Opus, are strategically located near amenities, which may attract buyer interest.
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Singapore’s private residential property market has demonstrated resilience in Q2 2025, with prices rising by 0.5% quarter-on-quarter (qoq), according to flash estimates from the Urban Redevelopment Authority (URA). This growth, although slower than the 0.8% increase in Q1 2025, comes amidst global economic uncertainties, including potential US trade tariffs and geopolitical tensions.

Landed residential properties saw a 0.7% qoq increase, buoyed by limited supply and strong local demand. Non-landed residential prices also rose by 0.5% qoq, driven by the Core Central Region (CCR) and Outside Central Region (OCR), which experienced increases of 2.3% and 0.9% qoq, respectively. However, the Rest of Central Region (RCR) saw a 1.1% qoq decline, attributed to the specific mix of units sold rather than a drop in demand.

Wong Xian Yang, Head of Research Singapore & SEA at Cushman & Wakefield, noted, “The CCR market is a market to watch, and could see potential growth, after years of lagging price performance.”

Despite a 40.2% qoq decline in overall private residential sales volume to 4,340 units, the resale market accounted for over half of the sales. The forecast for 2025 suggests a 2-3% year-on-year price growth, supported by strong household balance sheets and low unemployment rates.

Looking ahead, sales volumes are expected to range between 19,000 and 23,000 units for 2025, contingent on the absence of new cooling measures or unforeseen economic shocks.
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