Industry News

ESR Group Limited has announced a collaboration with a consortium of Japanese investors to develop the Sunview Logistics & Container Hub in Singapore. This modern multi-storey warehouse and automated container depot, located in the Jurong industrial cluster, is set to become one of the country’s largest logistics hubs when it opens in 2027. The facility will feature a solar power generation system, expected to cover a significant portion of its energy needs.

The investment consortium includes Tokyu Land Corporation, Hulic Co., Ltd., Nishimatsu Construction Co. Ltd., Fuyo General Lease Co., Ltd., and RISA Partners, Inc. This venture aims to bolster Singapore’s logistics infrastructure and its status as a global supply chain hub. “This is a rare opportunity for Hulic Co., Ltd to invest in a prime asset anchored by high-quality tenants,” said Sohei Okuno, Hulic’s General Manager of Global Investment Department.

Anchor customers Allied Container Group and CEVA Logistics will utilise the state-of-the-art facility to drive operational efficiencies. Allied has committed $36.5m (S$50m) to integrate an automated container storage retrieval system, enhancing storage capacity and reducing land utilisation by 67%. CEVA Logistics plans to expand its Contract Logistics business, with the new site increasing its footprint to 370,000 square metres across 18 locations.

The Sunview Hub development marks a significant expansion of ESR’s portfolio in Singapore, offering diversified investment solutions and high-quality space to meet the growing demand for advanced logistics facilities.
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Retailers in Singapore are increasingly turning to artificial intelligence (AI) agents to maintain a competitive edge, according to Salesforce’s latest Connected Shoppers Report. The report reveals that 69% of retailers view AI agents as essential for overcoming rising costs and meeting growing customer expectations. This shift comes as the retail landscape becomes more complex, with digital spending spreading across multiple platforms.

The report, which surveyed 500 shoppers and 100 retail decision-makers in Singapore, highlights the pressures retailers face, including rising customer acquisition costs and the declining share of physical store purchases, projected to drop from 43% in 2024 to 38% by 2026. To address these challenges, retailers are focusing on improving store associate productivity, enhancing customer service, and implementing unified commerce strategies.

AI agents are seen as a crucial tool in this transformation, with 85% of retailers planning to increase their AI investments over the next year. These agents are expected to streamline marketing efforts, optimise websites, and manage inventory, among other tasks. Velia Carboni, CIO of SharkNinja, noted that Salesforce’s Agentforce is “key to helping us build a community that keeps consumers coming back.”

Unified commerce is also playing a significant role, with 82% of retailers in Singapore working on initiatives to connect operations across channels. This integration is vital for AI agents to function effectively, providing personalised and real-time responses to shoppers.

Consumers in Singapore are already embracing AI, with 36% using it for product discovery. Trust remains a critical factor for wider adoption, with shoppers prioritising data privacy, transparency, and the ability to control AI interactions. As the retail sector evolves, the focus on AI is expected to drive growth and enhance customer experiences.
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LinkedIn has released its annual Grad Guide in Singapore, highlighting the fastest-growing job roles for new graduates amidst a tightening job market. The guide, aimed at helping graduates and entry-level professionals navigate their career paths, reveals a significant 8% drop in job postings per applicant over the past year, increasing competition for roles.

The guide identifies Artificial Intelligence (AI) Engineer as the leading role for Master’s degree holders and the second most sought-after position for Bachelor’s degree graduates. Other top roles for Bachelor’s degree holders include Legal Associate, Pharmacist, Marketing Assistant, and Interior Designer. For those with a Master’s degree, Management Associate, Research Engineer, Project Manager, and Data Analyst are among the top positions.

LinkedIn is also introducing AI-powered tools to enhance the job search experience. These tools allow job seekers to describe their desired roles in plain language, enabling AI to match them with suitable opportunities. This innovative approach aims to simplify the job search process by focusing on candidates’ aspirations rather than traditional keywords.

To support young professionals, LinkedIn offers video content featuring career tips and insights from its Career Expert. Additionally, new LinkedIn Learning features, such as My Career Journey and AI-powered coaching, provide personalised learning plans and practice scenarios to help graduates advance in their careers.

As the job market becomes more competitive, LinkedIn encourages graduates to embrace adaptability, build their networks, and leverage AI technology to enhance their career prospects. The Grad Guide serves as a strategic resource for graduates seeking to stand out and secure their ideal roles in today’s challenging environment.
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Great Eastern Holdings Limited has announced a 13% increase in profit attributable to shareholders, reaching S$345.5m for the first quarter ending 31 March 2025. This growth is attributed to steady insurance business performance and favourable investment returns. Despite a 34% decline in Total Weighted New Sales, the Group’s New Business Embedded Value (NBEV) rose by 19% to S$148.8m, driven by an improved sales mix.

The decline in Total Weighted New Sales, down to S$345.1m from S$524.2m the previous year, is primarily due to a strategic shift towards regular premium sales. The Group’s insurance subsidiaries maintain strong Capital Adequacy Ratios, well above regulatory requirements.

Greg Hingston, Group CEO, commented on the results, highlighting the focus on enhancing product sales mix and serving affluent customers with tailored solutions. “Our improved Group NBEV reflects a focus on propositions that enhance our product sales mix,” he said. In Singapore, increased purchases of protection and legacy propositions, along with Regular Premium Investment-Linked plans, contributed to this growth. In Malaysia, legacy and wealth accumulation solutions bolstered performance.

Looking forward, Hingston noted the challenging business climate due to global volatility and geopolitical tensions. The Group aims to strengthen its business and distribution model with data-driven propositions to meet customer needs. The positive reception of US dollar-denominated plans underscores alignment with customer demands.

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Manulife Financial Corporation has announced robust first-quarter results for 2025, with its Asia segment achieving record levels in annualised premium equivalent (APE) sales, new business contractual service margin (CSM), and new business value (NBV).

The company reported a 50% year-over-year increase in APE sales, reaching $1,412m, whilst new business CSM rose by 38% to $498m. NBV also saw a significant rise of 43%, totalling $457m. Core earnings in Asia increased by 7% to $492m, driven by higher sales volumes in Hong Kong, Japan, and other Asian markets.

The strategic highlights for the quarter included the renewal of Manulife’s bancassurance partnership with China Banking Corporation in the Philippines, extending their collaboration for another 15 years. This partnership aims to provide comprehensive life, wealth, and health solutions.

Additionally, Manulife enhanced its artificial intelligence capabilities, launching an AI Assistant to support agents in Singapore and brokers in Japan, thereby improving customer engagement and reducing administrative tasks.

Manulife also introduced a new Shared Values proposition, offering high-net-worth life insurance with health benefits, and expanded its cancer diagnosis services in Hong Kong. The company launched a cross-border Cancer Drug Support Service to facilitate access to affordable treatments in mainland China.

Phil Witherington, President and CEO of Manulife Asia, stated, “2025 has got off to a strong start for Manulife in Asia. Building on last year’s momentum, the Asia segment achieved record levels across all value metrics in the first quarter.” Steve Finch is set to take over as President and CEO of Manulife Asia on 9 May 2025, with a focus on sustainable growth and customer-centric solutions.

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Metro Holdings Limited has announced a substantial leasing achievement at its Asia Green property, reaching a committed occupancy rate of approximately 95% as of 31 March 2025. This follows the expiration of a major lease by Hitachi Asia, which previously occupied nearly 30% of the property’s net lettable area.

The Asia Green property, located in the Tampines Regional Centre, is 50%-owned by Metro and consists of two premium Grade-A office towers. The property has attracted new key tenants, including DIMENSIONS, a private school, SGX Mainboard-listed Food Empire Holdings, and the Eastern General Hospital Planning Office under SingHealth. These new leases have significantly contributed to the backfilling of the space vacated by Hitachi Asia.

Metro Group CEO and Executive Director Yip Hoong Mun commented on the achievement, stating, “The positive leasing progress achieved at Asia Green is testament to our proactive asset management efforts in positioning the property to continue capturing tenant demand for quality, decentralised but well-connected commercial space.”

Asia Green’s strategic location offers excellent connectivity, being a short walk from Tampines MRT Station and a brief drive from both Changi Airport and the Central Business District. The property, certified Green Mark Platinum, was valued at $320 million (S$435 million) as of 31 March 2025, up from $290 million (S$395 million) when acquired in April 2019.

The successful leasing progress at Asia Green is expected to enhance Metro’s recurring income and reflects the resilience of the Singapore office asset class within the company’s investment portfolio. The Tampines Regional Centre is poised for further development, potentially incorporating new mixed-use projects and enhanced connectivity.
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Hewlett Packard Enterprise (HPE) has unveiled the HPE Networking Instant On Secure Gateway, a new network security solution designed to help small and medium-sized businesses (SMBs) tackle increasing cybersecurity challenges.

Launched at HPE’s Customer Innovation Centre in Singapore, the gateway offers enterprise-grade security features without requiring extensive IT resources.

The HPE Networking Instant On Secure Gateway integrates essential security functions such as firewall protection, intrusion detection, and VPN support into a single, cloud-managed platform. This aims to simplify cybersecurity for SMBs, which often lack the resources to manage complex systems. The solution is available in two variants: the SG1004, a 1-gig, 4-port wired gateway, and the SG2505P, a multi-gig, 5-port gateway with enhanced performance and power capabilities.

Amol Mitra, vice president and general manager of Worldwide Small and Medium Business at HPE Aruba Networking, highlighted the challenges faced by SMBs, stating, “Today’s SMBs are under constant pressure to defend their networks from complex cyber threats, with limited IT resources, and a fast-evolving digital landscape.”

The gateway promises enhanced protection and operational efficiency by consolidating key security functions, reducing reliance on multiple tools and vendors. It also offers cost savings and regulatory compliance through unified security capabilities and automated policy enforcement. The solution is designed to be easily managed via a single-seat cloud system, making it accessible and affordable for SMBs.

The HPE Networking Instant On Secure Gateway is now available globally, providing SMBs with the tools needed to protect their networks and streamline operations in an increasingly connected world.
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Syfe, Asia’s leading digital wealth platform, has announced a collaboration with BlackRock, the world’s largest asset manager, to expand access to private credit investments for Accredited Investors in Singapore. This initiative aims to provide investors with access to high-quality, institutional-grade private credit opportunities, traditionally reserved for large institutions and ultra-high-net-worth individuals, at a fraction of the usual investment size.

Private credit, which involves direct loans to companies, has gained popularity due to its higher yields and lower volatility compared to public debt. Over the past decade, private credit funds have delivered average annual returns of 8-10%, outperforming traditional bonds. This collaboration marks a significant step in making these investment opportunities more accessible in Singapore.

Syfe clients will gain access to BlackRock’s US middle market direct lending strategy, part of a credit platform managing over $63 billion globally. BlackRock will offer marketing exclusivity in Singapore for this strategy with Syfe for a limited period. Ritesh Ganeriwal, Head of Investment and Advisory at Syfe, stated, “Syfe’s launch of BlackRock’s US middle market direct lending strategy unlocks access for our clients to products with exposure to high-quality, institutional-grade private credit opportunities.”

The partnership aligns with Syfe’s mission to empower individuals to build wealth by lowering investment minimums and eliminating complex fees. George Maltezos, Head of Capital Formation Team for APAC at BlackRock, expressed excitement about the collaboration, noting, “We’re pleased to expand access to our US middle market direct lending strategy and empower Accredited Investors in Singapore to make smarter, more diversified investment choices.”

As the wealth management landscape evolves, Syfe’s collaboration with BlackRock reinforces its commitment to providing diversified investment opportunities to its growing client base.
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Booking.com has unveiled its 2025 Sustainability & Travel Report, highlighting a significant shift in the attitudes of Singapore-based travellers towards sustainable tourism. The report, released on Earth Day, draws on insights from nearly 230,000 travellers across 35 markets, including 1,000 from Singapore, to explore how climate anxiety and community impact are influencing travel choices.

The study reveals that 46% of Singaporean travellers are now mindful of tourism’s effects not only on the environment but also on local communities. Despite recognising tourism’s positive impact, concerns about overcrowding, rising living costs, and noise pollution persist. Only 22% support capping visitor numbers, preferring infrastructure improvements to manage tourism sustainably.

Singaporeans are increasingly committed to supporting local economies, with 68% wanting their spending to benefit local communities. However, the report highlights a gap between sustainable intentions and actions, with cost and convenience cited as barriers. Whilst 64% plan to travel more sustainably, only 25% consistently make sustainable choices.

Climate change is a significant concern, with 33% altering travel plans due to extreme weather. Singaporeans associate sustainable travel with reducing plastic waste and offsetting carbon emissions. Yet, 54% remain sceptical of sustainability labels, calling for unified certification systems to enhance trust.

Booking.com aims to facilitate sustainable travel by offering options like eco-friendly accommodations and lower-emission flights. The report underscores the need for transparency and incentives to bridge the gap between sustainable intentions and actions, providing an opportunity for travel brands to engage with environmentally conscious travellers.
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DBS Group has reported a record profit before tax of S$3.44b for the first quarter of 2025, marking a slight increase from the previous year.

This achievement comes as the bank’s total income rose by 6% to S$5.91b, driven by strong business growth, particularly in wealth management and markets trading. However, net profit saw a 2% decline to S$2.90b due to increased tax expenses following the implementation of a 15% global minimum tax.

The bank’s total income growth was supported by balance sheet expansion, record fee income, and treasury customer sales. Despite these gains, DBS took a prudent approach by setting aside S$205m in general allowances to bolster reserves against ongoing macroeconomic and geopolitical uncertainties. The cost-income ratio remained stable at 37%, with asset quality showing resilience as the non-performing loan (NPL) ratio stood at 1.1%.

Compared to the previous quarter, DBS’s net profit increased by 10%, with non-interest income growing by 25% due to higher fees and trading income. Expenses decreased by 8%, partly due to non-recurring items from the previous quarter. Tan Su Shan, CEO of DBS, highlighted the bank’s strong start to the year, stating, “We had a strong start to the year with broad-based business growth led by wealth management, and ROE above 17% despite the impact of the global minimum tax.”

As trade tensions escalate, DBS remains focused on managing risks whilst capturing opportunities. The bank has strengthened its general allowance reserves and maintains strong capital and liquidity positions to support its customers.

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