Industry News

Zoho Corporation has unveiled the Singapore edition of its cloud-based accounting software, Zoho Books, designed to simplify GST and e-invoicing compliance for local businesses. This launch, announced on 6 August 2025, is part of Zoho’s finance and operations suite, offering enhanced financial and operational management whilst ensuring adherence to Singapore’s regulatory standards.

The Singapore edition of Zoho Books integrates AI capabilities and automation to streamline GST calculations and compliance with the Inland Revenue Authority of Singapore (IRAS) regulations. Gibu Mathew, VP and GM of Zoho APAC, stated, “The launch empowers organisations to improve accuracy, reduce manual effort, and navigate an increasingly complex regulatory environment.”

A recent Zoho survey revealed that whilst 82% of Singaporean businesses find IRAS guidance straightforward, 32% still file manually, and 71% spend up to five days preparing GST returns. Zoho Books addresses these challenges by automating tax calculations and generating IRAS-ready F5 returns, reducing manual processes and compliance risks. This is crucial as IRAS recovered $162m, including penalties, in FY23/24 due to compliance lapses.

Zoho Books also supports e-invoicing compliance, allowing B2B businesses to send invoices electronically according to PEPPOL standards. The software offers features like AI-driven receipt capture, audit trails, and integration with Zoho Analytics for data-driven decision-making.

The Singapore edition includes other Zoho solutions like Zoho Inventory, Zoho Billing, and Zoho Expense, each tailored to enhance business operations and compliance. Zoho Books is available immediately, starting at S$18 per month, with a free plan option.
“`

CapitaLand Integrated Commercial Trust (CICT) has announced its intention to acquire the remaining 55% stake in CapitaSpring, an office tower in Singapore, for an agreed property value of $1.39 billion (S$1.9 billion). This acquisition will bring CICT’s ownership of the property to 100%. The move is expected to boost the proforma distribution per unit (DPU) by 1.1% and slightly increase the trust’s gearing to 38.3%.

In the first half of 2025, CICT reported a distributable income of $302.5 million (S$411.9 million), marking a 12.4% year-on-year increase, supported by contributions from ION Orchard and reduced interest expenses. The trust’s overall portfolio committed occupancy was 96.3%, with retail spaces at 98.6% and office spaces at 94.6%. CICT also achieved rental reversions of 7.7% for retail and 4.8% for office spaces during this period.

CICT plans to fund the acquisition partially through a private placement of no less than $367.5 million (S$500 million). The acquisition is anticipated to expand CICT’s portfolio assets under management (AUM) to $19.8 billion (S$27 billion), with 95% of the portfolio being Singapore-centric. The trust maintains an “Add” rating with a target price of $1.80 (S$2.45), reflecting its diversified portfolio and strong balance sheet.

The acquisition of CapitaSpring is expected to enhance CICT’s income and strengthen its position in the Singaporean real estate market, with potential re-rating catalysts including clear inorganic growth prospects and robust occupancy and rental reversions.
“`

HRnetGroup Limited, a leading recruitment and staffing firm in Asia, is leveraging its robust cash reserves to expand its flexible staffing operations, even as the hiring market faces challenges. The company, headquartered in Singapore, reported a net cash position of S$258 million, which constitutes approximately 40% of its market capitalisation. This financial strength allows HRnetGroup to grow without compromising profitability, unlike its less capitalised competitors.

The firm’s flexible staffing segment, which provides temporary manpower solutions, accounted for 90% of its FY24 revenue and 52% of its gross profit. Despite a lower gross margin of around 13%, this segment remains a key driver of growth. Meanwhile, the professional recruitment segment, focusing on permanent placements, contributed 10% of revenue but delivered 45% of gross profit, highlighting its high-margin nature.

HRnetGroup’s financial resilience is further underscored by its ability to maintain dividend yields of 5-6% for FY25-27, supported by S$50-60 million in free cash flow and no debt. The company expects to announce its 1H25 results on 13 August, with anticipated net profit of S$26 million, bolstered by delayed government grants.

Despite a cautious hiring outlook in Singapore and North Asia, HRnetGroup remains optimistic about its flexible staffing model. The company has resumed coverage with a Hold call and a target price of S$0.65, reflecting ongoing recruitment industry headwinds. Future growth may hinge on a rebound in executive hiring and strategic mergers and acquisitions.
“`

Wee Hur Holdings Ltd, a Singapore-based construction and property development company, has announced a significant expansion of its order book to approximately S$700 million. This follows the acquisition of two Housing Development Board (HDB) build-to-order projects valued at S$439.4 million in May 2025. The company aims to further increase its order book to S$1 billion within the next year by securing additional projects worth S$200 million to S$300 million.

The company is leveraging its strong legacy in construction and property to develop high-return businesses, including fund management. The opening of its 10,500-bed purpose-built workers accommodation (PBWA) Pioneer Lodge in Singapore by the end of 2025 is expected to increase its PBWA bed inventory by 40% to approximately 26,000 beds. This expansion is projected to boost PBWA revenue by 55% in the financial year 2026.

Wee Hur Holdings is also pursuing higher return on investment (ROI) opportunities, such as fund management and land subdivision developments in Australia. The company has a track record of executing approximately A$2 billion worth of purpose-built student accommodation (PBSA) deals in Australia, which positions it well for future growth.

The company’s current share price does not yet reflect the potential extension of the Tuas View Dormitory lease, which could further enhance its financial outlook. Analysts have initiated coverage with an “Add” recommendation, setting a target price of S$0.91, up from the current price of S$0.70. This reflects a 30.9% potential upside, driven by Singapore’s construction upcycle and strong demand for PBWAs and PBSAs. Future catalysts include new tenders for PBWAs and PBSAs in Singapore and Australia.
“`

SuperClean SG, a newly launched cleaning services company in Singapore, is offering eco-friendly cleaning solutions for both residential and commercial spaces. The company aims to create healthier environments by using non-toxic, biodegradable cleaning products that are safe for children, pets, and individuals with sensitivities.

SuperClean SG provides a range of services, including home cleaning tailored to specific needs, office cleaning for various business types, and specialised upholstery cleaning for sofas, mattresses, and carpets. Their professional methods help eliminate dust mites, allergens, and odours, improving indoor air quality. Additionally, they offer air conditioning services to ensure efficient cooling and cleaner air.

The company prides itself on its customer-first approach, offering flexible cleaning packages without hidden fees. Clients can book services via WhatsApp for convenience, receiving instant quotes and real-time support. SuperClean SG’s commitment to quality is backed by a 100% satisfaction guarantee, ensuring clients are happy with the results.

Aligning with the Singapore Green Plan 2030, SuperClean SG integrates sustainability into its operations by minimising waste and avoiding harmful chemicals. This approach not only supports a greener future but also enhances the health and safety of living and working spaces.

SuperClean SG is now available islandwide, providing high-quality, eco-conscious cleaning services. With a focus on health, skill, eco-consciousness, service reliability, and professionalism, the company is setting a new standard in the cleaning industry.
“`

ICH Group has emerged as a key player in revitalising Singapore’s IPO market, acting as the anchor investor in recent successful listings on the Singapore Exchange (SGX) for companies such as Lum Chang Creations, Info-Tech, and Goodwill Entertainment. This move marks a significant turnaround following a slowdown in local listings during 2023-2024.

Koh Jin Hoe, Head of Capital Markets at SGX Group, highlighted the importance of such investments, stating, “We are encouraged by the strong and growing support from market participants, including ICH Group, as we roll out initiatives to strengthen Singapore’s equity market.”

With a 25-year history of supporting Singapore’s growth companies, ICH Group has invested over $1 billion in more than 200 SGX-listed companies since 2000. The group’s integrated platform, which includes ICH Asset Management, ADDX, and ICAPITAL, offers comprehensive solutions in asset management, private market access, and capital advisory services.

ICH Group also played a crucial role in the strategic spinoff of Yangzijiang Financial, enhancing shareholder value and positioning both entities for growth. The group’s involvement in the Qualified Domestic Limited Partner (QDLP) programme further channels long-term capital into Singapore’s markets, facilitating the listing of high-quality foreign companies on SGX.

Co-founder Vincent Toe remarked, “Whilst global markets face uncertainty, our QDLP partners see a generational growth opportunity in ASEAN’s digital and sustainable economies.” This strategic approach underscores ICH Group’s commitment to fostering long-term growth in the region’s capital markets.
“`

The Singapore Retailers Association (SRA) has announced the launch of the inaugural Singapore Retail Festival (SRF), set to take place from 26 September to 12 October 2025. This festival is designed to revitalise the retail sector by offering shoppers unique experiences beyond traditional sales, coinciding with Singapore’s 60th year of independence and the Formula 1 Singapore Grand Prix 2025.

The SRF will showcase a variety of experiential retail concepts, including interactive in-store activations, pop-ups, workshops, and masterclasses. These initiatives aim to create immersive environments that engage shoppers and encourage them to explore physical stores. Ernie Koh, President of SRA, stated, “The Singapore Retail Festival is looking to transform the everyday shopping journey into something fresh, vibrant, and memorable.”

The festival will feature exclusive value-driven offerings, such as limited-time product drops and collaborations, providing unique purchases that go beyond conventional discounts. This approach distinguishes SRF from the Great Singapore Sale, which has faced increased competition from neighbouring cities.

SRA plans to collaborate with key partners, including BHG, Eu Yan Sang, Harvey Norman, and TANGS, to enhance the festival’s impact. The event will also spotlight new retail brands, adding diversity and vibrancy to the retail landscape. Each year, SRF will adopt a distinct theme to align with consumer trends and maintain excitement.

Retailers across Singapore are invited to participate in the festival, which promises to deliver value beyond discounts and celebrate the creativity of Singapore’s retail community. Further details about SRF 2025 will be announced in due course.
“`

Leaseweb, a global cloud services and Infrastructure as a Service (IaaS) provider, has launched its S3-compatible Object Storage solution in Singapore. This new offering is designed to meet the growing demand for scalable and secure cloud storage in the region, supporting modern workloads such as AI/ML datasets, cloud-native applications, and disaster recovery. The solution promises seamless integration, predictable pricing, and compliance with local data sovereignty requirements.

Hosted in Leaseweb’s Singapore data centre, the Object Storage solution is engineered to handle unstructured data efficiently, ensuring low-latency access. It is a cost-effective alternative to major hyperscale storage providers, supporting a wide range of use cases from persistent storage for containerised environments to secure archiving for compliance-critical workloads. The service is built with security at its core, featuring object-level protection and automatic replication across multiple systems to safeguard data integrity.

The platform’s full compatibility with the S3 API allows for easy integration with existing workflows, eliminating vendor lock-in and giving businesses greater control over their data strategies. Customers benefit from a flexible, pay-as-you-go pricing model that removes egress fees when paired with Leaseweb’s Content Delivery Network (CDN), enhancing cost predictability.

Pieter Kraan, Managing Director for Singapore, Hong Kong, and Australia, stated, “The region is seeing explosive data growth, driving demand from enterprises, SaaS providers, developers, and digital media businesses for a secure, scalable, and cost-effective alternative to hyperscale storage. Leaseweb Object Storage delivers on those requirements with predictable pricing, seamless scalability, and guaranteed local performance, all backed by our expanded cloud infrastructure in Singapore.”

Leaseweb’s new solution underscores its commitment to providing high-performance cloud infrastructure to regional businesses without compromising on control, performance, or cost.
“`

Singapore’s retail sales increased by 1.4% year-on-year in May 2025, driven largely by a significant 10.4% rise in motor vehicle sales, according to Zavier Wong, Market Analyst at eToro. This surge followed a temporary increase in the Certificate of Entitlement (COE) quota. However, Wong cautioned that when excluding motor vehicles, core retail volumes have been declining since March.

The Monetary Authority of Singapore (MAS) has highlighted potential softening in labour demand, which could further impact household sentiment as the year progresses. Wong noted that whilst consumers continue to spend, they are doing so with more caution, prioritising essentials over non-essential items, particularly in mid-range lifestyle categories.

Wong pointed out that regional platforms such as Sea Ltd. and Grab Holdings could serve as indicators of consumer behaviour shifts. If growth in Shopee’s Gross Merchandise Value (GMV) and Grab’s delivery volumes begins to flatten, it may suggest broader caution across the region, affecting not only e-commerce but also dining, mobility, and lifestyle services.

Looking forward, discretionary spending categories may face increased pressure in the latter half of the year, especially if the labour market weakens. The MAS has already signalled risks of moderation in hiring and wages. The forthcoming labour market report, expected in mid-September, will be crucial in assessing whether consumers are entering a more cautious phase due to weaker income expectations.
“`

Singapore’s construction industry is investing heavily in technology, with 28% of its expenditure now dedicated to digital tools, according to the latest report by Autodesk and Deloitte. This marks a significant increase from the previous year, where only 21% of spending was allocated to technology. The report, which surveyed nearly 900 construction businesses across six Asia Pacific markets, highlights Singapore as a leader in digital adoption, using an average of 7.3 technologies compared to the regional average of 6.2.

The findings underscore the benefits of digital maturity, with firms reporting improved project outcomes and financial performance. Notably, companies with higher digital adoption experienced a 50% reduction in safety incidents and delivered 1.5% more projects under budget. Jeff Larrick, Senior Director of APJ Construction Cloud at Autodesk, noted, “It is highly encouraging to see construction businesses in Singapore continue accelerating their investment into technology.”

Singapore’s focus on digitalisation is partly driven by government initiatives such as the Building and Construction Authority’s Built Environment Industry Transformation Map, which promotes the use of digital tools like Building Information Modelling (BIM). The local industry is poised for further growth, with construction contracts valued at $34 billion to $38 billion (S$47 billion to S$53 billion) expected in 2025.

Despite the progress, challenges remain, including economic uncertainty and rising costs. However, the industry is optimistic, with 26% of budgets now allocated to new technologies and research and development, a 40% increase from last year. As Singapore continues to embrace digital tools, it sets a benchmark for innovation in the construction sector.
“`