Industry News

The Institute of Singapore Chartered Accountants (ISCA) has launched its inaugural Professional Services Centre in Johor Bahru, strategically situated within the Johor-Singapore Special Economic Zone (JS-SEZ). This initiative, announced on 28 February 2025, marks the first of 10 centres ISCA plans to establish globally by June 2025, aiming to enhance business growth and economic collaboration between Singapore and Malaysia.

The Johor Bahru centre is a collaborative effort involving the Association of Small & Medium Enterprises (ASME), Institute of Valuers and Appraisers, Singapore (IVAS), Law Society of Singapore, Singapore Manufacturing Foundation (SMF), and Tax Academy of Singapore. It will provide a range of professional services, including accounting, legal, and business valuation, to support Singaporean businesses expanding into Malaysia and vice versa.

Teo Ser Luck, President of ISCA, emphasised the centre’s role in fostering cross-border partnerships and developing accountancy talent. “Our Professional Services Centre in Johor Bahru and our partnerships with universities in Malaysia aim to ensure that businesses across both countries prosper,” he stated.

The Malaysian government has set a target to train 60,000 professional accountants by 2030, aligning with ISCA’s efforts to meet the growing demand for professional services in the JS-SEZ. ISCA plans to partner with local universities to create pathways for students to pursue the Singapore Chartered Accountant Qualification.

Wong Wen Tak, CEO of Grant Thornton Malaysia – Johor Office, highlighted the centre’s potential impact: “Together, the joint expertise and resources of the accounting fraternity from both countries will surely be an important support to the development of the JS-SEZ.”
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Singapore’s Military Security Department (MSD) has revealed that approximately 0.1% of National Service enlistees are identified as potential security threats each year. This equates to about 50 individuals out of nearly 30,000 pre-enlistees screened annually over the past decade. The screening process is part of a comprehensive effort to ensure that individuals who may pose a risk are not placed in positions where they could acquire soldiering skills or access sensitive equipment.

The MSD employs a security screening process during enlistment and throughout the servicemen’s tenure. This is a standard practice among militaries globally to prevent trained soldiers from causing harm to peers or civilians. The department collaborates with other government security agencies to enhance the effectiveness of these screenings.

The criteria for identifying potential threats are periodically calibrated based on feedback and current security conditions. This ensures a balance between excluding genuine threats and not unnecessarily sidelining individuals who pose no risk. “These calibrations can result in year-to-year fluctuations,” stated Defence Minister Ng Eng Hen, highlighting the need for professional judgement in the screening process.

The announcement underscores the importance of maintaining stringent security measures within the military to safeguard both personnel and the public. As security conditions evolve, the MSD’s approach will continue to adapt, ensuring that Singapore’s military remains vigilant against potential threats.
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The Singapore Land Authority (SLA) has announced an increase in Land Betterment Charge (LBC) rates, effective from 1 March to 31 August 2025. The revision, conducted biannually with the Chief Valuer’s consultation, sees an average rise across all sectors, with the most significant increase in landed residential properties.

The LBC rates for landed residential properties, categorised under Use Group B1, have seen a 2.9% increase. This follows a similar rise in the previous revision, despite a 3.5% decline in the landed price index in the second half of 2024. Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that all 118 sectors experienced an increase in LBC rates, ranging from 2.6% to 3.7%.

Commercial properties, under Use Group A, experienced a 0.6% increase in LBC rates, a slower growth compared to the previous cycle’s 1.5%. The Orchard area, benefiting from retail demand, saw the most significant increases, with a notable transaction at ION Orchard setting a benchmark.

Non-landed residential properties, classified as Use Group B2, saw a stabilisation with a 0.3% increase, rebounding from a 5.4% decline in September 2024. The increase was primarily observed in nine out of 118 sectors, with notable interest in the River Valley Green site.

Hotels and hospitals, under Use Group C, also experienced a 0.6% rise, with 13 sectors seeing increases between 3.8% and 8.8%. This reflects the ongoing recovery in tourism and investor interest in converting properties into hotels or serviced flats.

Industrial properties, categorised as Use Group D, saw a marginal 0.1% increase, attributed to significant transactions such as Admirax and 21 Jalan Buroh. Only six out of 118 sectors experienced changes, with the rest remaining stable.

These revisions highlight the dynamic nature of Singapore’s property market, with varying impacts across different sectors. The changes reflect current market conditions and transactions, indicating a cautious yet optimistic outlook for the property landscape.
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City Developments Limited (CDL) is embroiled in a leadership dispute that has escalated to the courts, following allegations of governance breaches by Sherman Kwek, the company’s CEO. Executive Chairman Kwek Leng Beng has expressed serious concerns about attempts to undermine CDL’s governance structure, leading to a court application to address these issues.

Kwek Leng Beng, in his official statement, emphasised the importance of maintaining CDL’s integrity and governance. He accused Sherman Kwek and certain directors of bypassing the Nomination Committee twice, in violation of the Singapore Exchange (SGX) Listing Rules and the Code of Corporate Governance. “The urgency of our application stemmed from our serious concerns about Sherman and the directors acting with him attempting to undermine and disrupt the governance structure of CDL,” he stated.

The court has since frozen changes to the Board committees and the management of relevant CDL subsidiaries, pending further orders. Kwek Leng Beng highlighted that the actions taken were necessary to protect CDL and its shareholders during this period of significant turmoil.

Philip Yeo, a Non-Independent Non-Executive Director at CDL, echoed these concerns, accusing the CEO and his allies of intentionally circumventing the Nomination Committee to appoint two new independent directors. Yeo criticised the CEO’s focus on grievances rather than addressing the $1.9 billion (£1.5 billion) in shareholder losses through Sincere Properties and other UK investments.

Both leaders underscored the need for the CEO to collaborate with the entire Board to prioritise shareholder interests. As the matter awaits a court decision, CDL’s governance practices remain under scrutiny, with potential implications for its leadership and operational strategies.
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The Singapore Land Authority has announced revised Land Betterment Charge (LBC) rates for the period from 1 March to 31 August 2025, with notable increases across several property categories.

The most significant change is seen in the Landed Residential (B1) sector, where all 118 sectors experienced an increase in rates, ranging from 2.6% to 3.7%. This adjustment reflects the strong upward pressure on the landed housing market, according to Dr Chua Yang Liang, Head of Research and Consultancy at JLL Singapore.

The LBC rates for other sectors also saw upward adjustments, albeit to a lesser extent. The Commercial (A) sector recorded a 19% increase, whilst the Hotel (C) sector saw an 11% rise. The Industrial (D) sector remained relatively stable, with only a 0.1% average adjustment across a few sectors.

Dr Chua noted that these changes are based on transactional evidence and reflect the current mood in the Singapore land market. “The effect of this latest change should not adversely impact the overall market activities,” he stated, highlighting that the LBC primarily affects developments with increased development intensity and land values.

Tan Hong Boon, Executive Director of Capital Markets at JLL, added that whilst the collective sale market has seen some successes, the recent LBC adjustments are unlikely to significantly alter market trends or investor confidence. He emphasised the importance of realistic pricing for collective sale sellers, given the current supply of Government Land Sale sites.

Overall, the revised LBC rates underscore the ongoing demand and valuation trends in Singapore’s property market, with implications for future investment activities.
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Knight Frank Singapore has announced revised land betterment charge (LBC) rates effective from 1 March 2025. The commercial LBC rates have increased by 0.6%, affecting 22 out of 118 sectors, with notable increments in areas such as Orchard Road, Stamford Road, and River Valley. This adjustment follows a previous 1.5% increase six months ago.

The rise in commercial LBC rates is attributed to increased prices of strata commercial properties in key areas like City Hall and Bugis, as well as heightened sales activity in the Rochor Planning Area due to the launch of One Sophia in November 2024. Leonard Tay, Head of Research at Knight Frank Singapore, noted that small business owners and non-institutional investors are keen on boutique office spaces in central locations.

For landed residential properties, the LBC rates have risen by 2.9% across all sectors, despite a 1.6% decrease in the URA Price Index for landed homes from March to December 2024. Tay expressed surprise at this increase, questioning the rationale behind it given the government’s previous cooling measures aimed at stabilising housing prices.

In the non-landed residential sector, the LBC rates saw a minimal increase of 0.3%. Developers have been cautious with land tenders, and the collective sales market remains subdued, with only a few successful enbloc projects like River Valley Apartments.

The hotel sector experienced a 0.6% rise in LBC rates across 13 sectors, driven by growing investor interest and a return to pre-pandemic tourist levels. Meanwhile, the LBC rates for places of worship and community buildings increased by 5.8%, marking the first adjustment in over a decade.

These changes reflect ongoing shifts in Singapore’s property market, with implications for investors and developers navigating the evolving landscape.
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Cordlife Group Limited has announced a revenue of S$27.8m for the financial year 2024, marking a significant milestone as the company fully resumed its Singapore operations on 14 January 2025. This development comes after a period of operational adjustments and highlights Cordlife’s commitment to strengthening its market presence.

The resumption of operations in Singapore is expected to enhance Cordlife’s service delivery and customer engagement. The company, known for its expertise in cord blood banking and related services, has been focusing on expanding its operational capabilities to meet growing demand. The financial results reflect the company’s strategic efforts to optimise its operations and capture market opportunities.

Cordlife’s management expressed optimism about the future, stating that the full resumption of operations in Singapore is a critical step in their growth strategy. The company aims to leverage its enhanced operational capacity to drive further growth and innovation in the sector.

Looking ahead, Cordlife plans to continue investing in its infrastructure and service offerings to maintain its competitive edge. The company’s focus on operational excellence and customer satisfaction is expected to play a pivotal role in its ongoing success.
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ST Engineering, a leading player in defence and public security, has reported a profit of S$702m for 2024, marking an 18% year-on-year (YoY) increase. This figure slightly surpassed analysts’ expectations, driven by robust performance in its Defence & Public Security and Urban Solutions & Satcom segments. The company is poised for continued growth in 2025, buoyed by strong free cash flow generation and potential dividend increases from 2025 to 2027.

The company’s international defence business is expected to benefit from heightened geopolitical tensions in Europe, providing a favourable backdrop for growth. Analyst Shekhar Jaiswal noted the positive surprise in the second half of 2024 margins, reinforcing confidence in the company’s future performance.

ST Engineering’s projected target price has been revised to S$5.90, reflecting a 12% upside potential. The company is also expected to maintain a yield of approximately 3%, making it an attractive proposition for investors seeking stable returns.

Looking ahead, ST Engineering’s strategic focus on expanding its international defence operations and leveraging its strong cash flow positions it well to navigate the challenges and opportunities of the coming years. The company’s commitment to enhancing shareholder value through potential dividend hikes further underscores its robust financial health and growth prospects.
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The Maritime and Port Authority of Singapore (MPA) reported an unauthorised boarding of the Singapore-registered chemical tanker, BASSET, in the Singapore Strait at approximately 07:00 on 28 February. The incident occurred outside Singapore Territorial Waters, and a crew member was injured during the event. The vessel is now anchored in Singapore waters, and the Singapore Police Coast Guard and Singapore Civil Defence Force have been activated to provide assistance, including a medical evacuation for the injured crew member.

All crew members have been accounted for, and there are no Singaporean nationals among them. The MPA has issued safety broadcasts advising vessels in the area to maintain a vigilant watch. Despite the incident, the MPA confirmed that the safety of navigation along the Singapore Strait remains unaffected.

The MPA continues to monitor the situation closely and is committed to ensuring the safety and security of maritime operations in the region. The incident highlights the ongoing need for vigilance and security measures in one of the world’s busiest shipping lanes.
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Access Communications Singapore has been appointed as the official PR and Communications agency for Wiggle Wiggle’s inaugural pop-up event in Southeast Asia, marking the brand’s debut in Singapore. The agency will manage media engagement, influencer outreach, and publicity to generate excitement around the event.

Wiggle Wiggle, founded in 2014 by Artshare, is a Korean brand celebrated for its vibrant and playful design ethos. The brand has established a significant presence in Korea, collaborating with major corporations and attracting a dedicated following among the MZ generation. Its flagship stores in Korea, China, and Japan are known for drawing large crowds, with the Korean store alone welcoming 500,000 visitors monthly. During key campaigns, Wiggle Wiggle’s online sales have reached $2 million within just four days.

The brand’s international acclaim continues to grow, with its Harajuku store recently featured on Japanese national television and its Shanghai flagship earning a spot in the “POP SHANGHAI TOP 100” ranking. The Singapore pop-up is expected to further enhance Wiggle Wiggle’s global footprint.

Access Communications Singapore’s role as the strategic communications partner is pivotal in amplifying the brand’s presence in the region. The agency’s efforts will focus on creating a buzz that resonates with both local and international audiences, leveraging the brand’s unique aesthetic appeal.

As Wiggle Wiggle makes its mark in Singapore, the collaboration with Access Communications is set to drive significant engagement and visibility for the brand’s Southeast Asian venture.
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