Industry News

Generative AI is reshaping the business world by offering competitive advantages and driving growth, according to KPMG in Singapore. However, the technology also presents significant risks that need careful management. Gerry Chng, Partner and Head of Cyber Advisory at KPMG in Singapore, emphasises four critical areas businesses must address to ensure the safe and effective use of Generative AI. These insights are detailed in his article, which provides strategies for mitigating AI-related risks.

KPMG’s latest newsletter also explores the role of AI in manufacturing and front-office operations. The firm notes that AI is now essential for manufacturers, enabling predictive maintenance and intelligent automation. In the front office, Generative AI and intelligent automation are transforming operations by enhancing customer insights and speeding up decision-making processes.

Additionally, the newsletter sheds light on social sustainability trends, highlighting the Gen2050 Youth Programme, which aims to equip young people with the skills needed to drive meaningful social change. The programme underscores the importance of youth involvement in advancing social sustainability.

The report also discusses the Global Family Business Report 2025, which examines how family businesses are integrating social responsibility and environmental impact into their growth strategies. This approach is seen as crucial for creating value through “good growth.”

KPMG’s insights provide a comprehensive look at how businesses can harness AI’s potential whilst addressing its challenges, ensuring that technological advancements align with broader social and environmental goals.
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The recent Government Land Sales (GLS) tender for the Dunearn Road site in Singapore has garnered significant interest, attracting nine bids. This marks an increase from the six bids received for the Lakeside Drive tender in June. The site’s appeal is largely due to its strategic location within the Bukit Timah area, a coveted residential enclave, and its alignment with the Draft Master Plan 2025, according to Leonard Tay, Head of Research at Knight Frank Singapore.

Despite high development costs, the Dunearn Road site stands out as the first GLS site in Bukit Timah since 2017. Its proximity to the Sixth Avenue MRT Station and the upcoming Turf City MRT Station enhances its attractiveness. The site is integral to the future transformation of Bukit Timah Turf City into a “10-minute neighbourhood”, offering easy access to shops, parks, and community facilities.

The top bid for the site was $358 million (S$491 million), translating to $1,030 (S$1,410) per square foot per plot ratio (psf ppr), which is 8.4% lower than the $1,125 (S$1,540) psf ppr achieved at Fourth Avenue in 2017. This reflects current macroeconomic caution. Launch prices are expected to start from $2,120 (S$2,900) psf, with potential averages between $2,190 and $2,340 (S$3,000 and S$3,200) psf, depending on project specifications and demand conditions.

With limited new private non-landed housing supply in the area, the project is anticipated to attract families and retirees familiar with Bukit Timah’s educational and residential offerings. The site exemplifies the integration of prime location, connectivity, and sustainable urban planning, shaping future residential demand.
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The Dunearn Road Government Land Sales (GLS) site has garnered significant attention, with a top bid of $1,410 per square foot per plot ratio (psf ppr) from CSC Land Group (Singapore), Sekisui House, and Frasers Property Phoenix II. This marks the highest level of participation for a prime Core Central Region (CCR) site since the Cuscaden Road GLS site in May 2018, which attracted nine bids. The bid price is also the highest since the River Valley Green (Parcel B) GLS in February 2025.

The Dunearn Road site is the first to be offered in the new Turf City housing estate within the Stables Commune neighbourhood. This provides the developer with a first mover advantage and the opportunity to establish a prominent project at the key access point to Turf City estate and along Dunearn Road. According to Mark Yip, CEO of Huttons Asia, “The Draft Master Plan 2025 has provided more clarity on the land usage in Turf City and reduced risks for developers.”

The site is strategically located with commercial use planned for adjacent sites, offering amenities to the new housing area. Community and recreational facilities, as well as parks, will be within a 10-minute walk. A school is also planned around 500 metres away, enhancing convenience for families with young children. The area is part of an education belt with numerous top schools nearby.

Connectivity is further bolstered by the Sixth Avenue MRT station and the upcoming Turf City MRT station on the Cross Island Line, both within a 10-minute walk. Authorities are also assessing the feasibility of a new exit ramp from the Pan Island Expressway (PIE) towards Tuas, which would enhance accessibility.
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The Urban Redevelopment Authority has concluded the tender for a site at Dunearn Road, launched under the Confirmed List of the first half of 2025 Government Land Sales programme. The site, which can accommodate approximately 380 units, received nine bids, surpassing expectations. The highest bid, submitted by CSC Land Group (Singapore) Pte. Ltd., Sekisui House, Ltd., and Frasers Property Phoenix II Pte. Ltd., amounted to S$491,454,208, or about S$1,410 per square foot per plot ratio (psf ppr). This bid was 3.7% higher than the next highest offer from CDL Divine Pte. Ltd., which was S$474,028,000 or approximately S$1,360 psf ppr.

The bid price slightly exceeded initial expectations, indicating confidence in the site’s potential. The last land tender in the area was for a site at Fourth Avenue, awarded in December 2017 at a land rate of S$1,540 psf ppr. The resulting project, Fourth Avenue Residences, was fully sold by September 2022 and continues to perform well in the secondary market.

Several factors contributed to the strong interest in the Dunearn Road site. It is the first site of the Turf City rejuvenation plan, offering developers and future buyers a first-mover advantage. Its proximity to the main road and Sixth Avenue MRT Station on the Downtown Line enhances its appeal. Additionally, the site’s location in Bukit Timah, near top schools, is likely to attract families with school-going children.

As the Turf City estate develops, future homeowners will benefit from new amenities, including retail options, food and beverage outlets, and green spaces amidst repurposed heritage buildings. This development is expected to enhance the attractiveness of living in the first Turf City residential project.
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Frasers Property, in collaboration with Sekisui House and CSC Land Group, has emerged as the top bidder for a coveted residential site along Dunearn Road. This potential development is set to become a significant part of the Turf City masterplan, promising to deliver a prominent residential project in the heart of Bukit Timah, Singapore.

The site is strategically located within the Bukit Timah educational belt, known for its excellent connectivity and access to amenities and green spaces. This makes it an attractive proposition for homebuyers, especially given that the last Government Land Sales (GLS) site in the area was awarded nearly a decade ago. The consortium believes that quality developments in prime Districts 9, 10, and 11 within the Core Central Region will continue to draw interest due to their locational advantages.

“We are pleased to be the top bidder for the residential site along Dunearn Road,” said the consortium, which includes the CEO of Frasers Property Singapore, the Director of the Board of Sekisui House, and the Chairman of China Construction (South Pacific) Development Co, the parent company of CSC Land Group. “If awarded, it will be an exciting opportunity for us to leverage our combined expertise.”

The successful bid underscores the continued demand for prime residential developments in Singapore’s central regions, with future implications for the area’s real estate landscape.
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The recent tender for the Dunearn Road site has drawn significant attention, receiving nine bids—the highest for a private Government Land Sales (GLS) residential site since 2021. The top bid of $491.45 million, or $1,410 per square foot per plot ratio (psf ppr), was submitted by a consortium comprising CSC Land, Sekisui House, and Frasers Property. This bid was just 4% higher than the second-highest bid from CDL, indicating strong consensus on the site’s appeal.

The surge in interest is attributed to the Draft Master Plan 2025, released on 25 June 2025, which has positively influenced sentiment. The plan includes promising developments for Bukit Timah Turf City, with proposals for 15,000-20,000 public and private homes, enhanced transport connectivity, and the conservation of 22 heritage buildings. Tricia Song, CBRE Head of Research, Southeast Asia, noted that the site offers a “first-mover advantage” in a precinct set for rejuvenation over the next 5-10 years.

Despite the competitive bidding, the top land price remains below the levels seen in December 2017, reflecting higher construction costs and potential Additional Buyer’s Stamp Duty (ABSD) implications. The site is strategically located within 1km of Methodist Girls’ School and 400m from Sixth Avenue MRT station, enhancing its attractiveness.

The developer of the Dunearn Road site is expected to build approximately 380 units, with launch prices anticipated to range between $2,900 and $3,000 psf. This development is poised to contribute significantly to the area’s residential landscape, aligning with the broader vision outlined in the Draft Master Plan 2025.
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IQ-EQ, a global investor services group, has announced the appointments of Divya Doshi as Managing Director, Sales for Asia and the Middle East, and Koji Ikeda as Managing Director, Japan. These strategic hires aim to expand IQ-EQ’s presence in high-growth markets and enhance client relationships. Doshi, based in Singapore, and Ikeda, in Japan, bring decades of financial expertise to their roles, positioning the firm for accelerated revenue growth by 2028.

With over 30 years in financial services, Divya Doshi will focus on expanding IQ-EQ’s client base and strengthening ties with family offices, institutions, and sovereign wealth funds. “I’m excited to join IQ-EQ at such a dynamic time in its growth journey,” Doshi stated, highlighting the vibrancy of the Asian and Middle Eastern markets.

Koji Ikeda, with 35 years of experience in custody and securities lending, will concentrate on enhancing the firm’s presence in Japan. “Japan is a critical market for international investors,” Ikeda noted, expressing enthusiasm for scaling IQ-EQ’s operations and delivering client value.

These appointments are part of IQ-EQ’s broader strategy to double its revenue by 2028, leveraging a scalable operating model and advanced technology. The firm is expanding into Australia and New Zealand, enhancing regulatory capabilities, and investing in platforms like MaxComply™ and IQ-EQ Cosmos. Regional CEO Sridhar Nagarajan emphasised, “Asia is a cornerstone of IQ-EQ’s global growth strategy,” underscoring the importance of these leadership roles in achieving the firm’s ambitious goals.
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RHB Bank’s latest Global Economics and Market Strategy Report, authored by Group Chief Economist Barnabas Gan, highlights a cautious outlook for Singapore’s manufacturing sector. The report, released on 26 June 2025, maintains a forecast for industrial production (IP) growth at 0.5%, citing a continuous slowdown in the sector. However, potential tariff de-escalations in the second half of 2025 could present upside risks to the full-year trade and manufacturing growth prognosis.

The report underscores uncertainties in tariff policies, particularly following a recent 90-day pause, as a significant factor affecting Singapore’s export-oriented sectors. These include chemicals, machinery and transport equipment, and manufacturing. Despite these challenges, May’s IP showed a 3.9% year-on-year increase, easing from a revised 5.6% rise in April but exceeding Bloomberg’s estimate of a 2.2% increase.

Gan’s analysis suggests that whilst the current outlook remains cautious, changes in global trade dynamics could alter the trajectory of Singapore’s manufacturing growth. The report serves as a critical resource for stakeholders in understanding the potential impacts of international trade policies on the local economy. As the year progresses, the manufacturing sector’s performance will be closely monitored for any shifts that could influence economic forecasts.
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The Southeast Asian (SEA) tech sector raised $2.0 billion in the first half of 2025, according to the Tracxn Geo Semi Annual Report. Despite a 24% decline from the $2.6 billion raised in the latter half of 2024, the figure marks a 7% increase from H1 2024. Singapore dominated the funding landscape, accounting for 92% of the total investment, as late-stage funding saw a remarkable 140% increase.

The report highlights a significant shift towards late-stage investments, which totalled $1.4 billion, up from $583 million in H2 2024. In contrast, seed-stage and early-stage funding experienced declines, with seed funding dropping 51% to $87 million and early-stage funding falling 74% to $464 million.

Enterprise Infrastructure, FinTech, and Enterprise Applications emerged as the top-performing sectors. Enterprise Infrastructure attracted $859 million, a 3,787% increase from H1 2024, despite a 35% decrease from H2 2024. FinTech secured $775 million, whilst Enterprise Applications garnered $545 million.

The period also saw five funding rounds exceeding $100 million, including Digital Edge’s $640 million Series D round and Supabase’s $200 million Series D round. Additionally, the SEA tech ecosystem witnessed 28 acquisitions, with Dropsuite’s $270 million sale to NinjaOne being the largest.

The report underscores the resilience of the SEA tech sector amidst global market fluctuations, with Singapore’s dominance and the surge in late-stage funding highlighting the region’s evolving role in the global tech landscape.
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Singapore’s manufacturing output experienced a marginal decrease of 0.4% in May 2025, according to the latest data released by the Economic Development Board. This decline is based on a seasonally adjusted month-on-month analysis, indicating a challenging period for the sector.

The slight downturn in manufacturing output comes amidst global economic uncertainties and fluctuating demand in key markets. The manufacturing sector, a crucial component of Singapore’s economy, has been navigating these challenges whilst striving to maintain growth and competitiveness.

The report highlights the importance of monitoring manufacturing trends closely, as they are indicative of broader economic health. The sector’s performance is often seen as a bellwether for the country’s economic trajectory, influencing policy decisions and business strategies.

Whilst the decrease is relatively minor, it underscores the need for continued innovation and adaptation within the industry. Companies are encouraged to explore new technologies and processes to enhance productivity and resilience in the face of external pressures.

Looking ahead, industry stakeholders will be keenly observing upcoming data releases to assess whether this dip is a temporary fluctuation or part of a longer-term trend. The manufacturing sector’s ability to rebound will be critical in supporting Singapore’s overall economic growth and stability.
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