Industry News

Singapore’s inflation rates are expected to remain subdued throughout 2025, according to the latest Global Economics and Market Strategy Report by RHB Bank. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, stated that the full-year headline and core inflation rates are projected to be 1.6% and 1.1%, respectively.

The report highlights that the Monetary Authority of Singapore (MAS) is likely to keep its policy parameters unchanged for the year, with a potential easing in the second half of 2025. This stance comes despite March’s Consumer Price Index (CPI) showing a year-on-year increase of 0.9%, which fell short of RHB’s and Bloomberg’s expectations of 1.2% and 1.1%, respectively. Core inflation also dipped slightly to 0.5% year-on-year from 0.6% in February.

Gan’s analysis suggests that the balance of risks leans towards further easing later in the year, reflecting a cautious approach amidst global economic uncertainties. The report underscores the importance of monitoring inflation trends closely, as they have significant implications for economic policy and consumer spending.

As Singapore navigates through 2025, the focus will remain on how these inflationary trends influence broader economic strategies and the potential adjustments by the MAS. The persistence of softer inflation could impact various sectors, shaping the economic landscape in the months ahead.
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ESR Group Limited and STACK Infrastructure have commenced construction on the first phase of a 72-megawatt data centre campus in Keihanna, Kansai, Japan. The initial building, KIX01A, will offer 18 MW of IT capacity and is set to be operational by Q2 2027. This facility has already achieved LEED Gold pre-certification, highlighting its commitment to sustainable design.

The collaboration between ESR and STACK extends their existing partnership in the Asia-Pacific region, which includes a 48 MW data centre in Incheon, South Korea. The new Kansai campus aims to cater to the increasing demand for modern digital infrastructure, particularly from hyperscale, cloud, and large enterprise customers. Stuart Gibson, Co-founder and Co-CEO of ESR, emphasised the company’s expertise in developing large-scale campuses and its dedication to community collaboration. “By combining our strengths and capabilities with STACK, we can meet our hyperscale customers’ needs in a high-growth market and drive value for our investors,” he stated.

Diarmid Massey, CEO of ESR Data Centres, noted the growing demand in Kansai for energy-efficient infrastructure. “The ESR-STACK Keihanna campus will deliver state-of-the-art data centre capacity, scalability, and flexibility,” he said, adding that the market is expected to see a doubling of critical IT load capacity in the next five years.

The campus will provide robust power and network connectivity, offering flexible business models from colocation to customised solutions. This development is part of ESR’s broader strategy, which includes four data centre assets in Japan and 2 GW of secured land and power across the Asia-Pacific region.
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International property consultant Knight Frank Singapore has announced the sale of a portfolio of three properties in District 8 through an Expression of Interest (EOI) process. The portfolio includes two properties on Roberts Lane and a residential unit on Upper Weld Road, available for purchase either as a whole or individually.

The properties at Nos. 28 and 32 Roberts Lane are zoned for residential use with commercial space on the ground floor. Located just a three-minute walk from Farrer Park MRT station, these properties are in a prime city-fringe area attracting popular co-living brands. The neighbourhood is undergoing significant development, with projects like Piccadilly Grand and new Housing and Development Board flats enhancing its appeal.

No. 28 Roberts Lane, a six-storey building with a gross floor area (GFA) of 8,522 sq ft, is priced at $14 million, down from $16.88 million. It offers a shop on the ground floor and five flats above, with recent permission granted for conversion to serviced apartments. No. 32 Roberts Lane, a two-storey conservation shophouse with an attic, is priced at $5.5 million and offers potential for expansion.

The third property, a four-bedroom walk-up flat on Upper Weld Road, is available for $1.68 million. Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore, highlighted District 8’s attractiveness due to its investment potential and ongoing gentrification. The EOI closes on 29 May 2025 at 3:00 PM.
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Skechers has launched Luna, an AI-powered retail assistant, at its newly opened store in Punggol Coast Mall, Singapore. Developed by We Are Social Singapore, Luna offers customers personalised style advice and product recommendations through an interactive kiosk in-store or via Telegram. This innovative feature marks a significant step in integrating technology into the retail experience.

Luna utilises real-time data from customer interactions to act as a personal stylist, suggesting outfits based on current attire or preferences. This month-long activation not only celebrates the store’s opening but also showcases the potential of AI in transforming shopping experiences. “As a comfort technology brand, harnessing new and innovative solutions to connect with our customers is part of our DNA,” said Irene Lee, senior general manager of Skechers Singapore.

The AI assistant is designed to provide seamless online and offline shopping experiences, enhancing convenience and personalisation. Manolis Perrakis, innovation director at We Are Social Singapore, highlighted the role of AI in creating dynamic, two-way conversations between brands and customers. “Luna is an additional touchpoint for Skechers to complement its innovative retail experience,” he stated.

The activation will be available for a limited time at the Punggol Coast Mall store, offering a glimpse into the future of retail where AI agents enhance customer engagement and satisfaction. Shoppers can also interact with Luna via Telegram, further bridging the gap between digital and physical retail environments.
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DKSH Business Unit Healthcare has launched the newly improved Hiruscar Ultra Scar Care Gel, designed to enhance scar healing in just four weeks. This advanced formula, introduced on 28 April 2025, incorporates a blend of Delisens, Centella Asiatica, and Panthenol, known for their skin-soothing properties, to accelerate wound healing and improve scar appearance.

Hiruscar, a leading scar care brand in Singapore, has developed this gel to provide immediate and long-term relief from the discomfort often associated with scars. The gel’s formulation includes Allium Cepa for its anti-bacterial properties, Niacinamide to lighten scar tissue, and Panthenol to maintain a healthy skin barrier. It is free from alcohol, parabens, and preservatives, making it suitable for all skin types.

Cheryl Tay, Assistant Manager of Marketing Management at Hiruscar, stated, “DKSH Healthcare is proud to enrich people’s lives by providing treatment for healthy skin and helping patients live with confidence. We are thrilled to introduce the improved Hiruscar Ultra Scar Care Gel, a game-changer in scar treatment.”

The launch marks a significant milestone for DKSH Healthcare’s Own Brands business, reflecting its commitment to innovation and consumer needs. The new gel is available at major pharmacies and online platforms like Shopee and Lazada.

DKSH, a Market Expansion Services provider, continues to grow its presence in the healthcare industry, offering a wide range of services across 36 markets.
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Marina Bay Sands (MBS) has reported a significant increase in its net gaming revenue for the first quarter of 2025, marking a 9% rise quarter-on-quarter and reaching 157% of pre-pandemic levels. This growth is attributed to a robust VIP market and an impressive mass market segment, bolstered by higher win rates and increased tourist arrivals due to recent visa exemptions and festive events.

Las Vegas Sands’ quarterly results revealed that MBS’ adjusted EBITDA surged by 13% to $605 million, the highest since its opening. The mass market’s gross gaming revenue (GGR) grew by 5%, whilst the VIP segment saw an 11% increase, despite a slight decline in rolling chip volume. The mass to VIP GGR mix for tables stood at 64% to 36% in Q1 2025.

The mass market achieved record earnings, with non-rolling chip volume slightly down by 1% but still significantly above pre-pandemic levels. Slot handle volume decreased by 11%, yet the overall mass market GGR rose by 5% due to higher win rates. Meanwhile, the VIP segment’s rolling chip volume remained stable, with a higher win rate of 3.7% contributing to the GGR increase.

Genting Singapore is expected to follow MBS’ growth trend, benefiting from increased tourist arrivals and spending during the festive period. The mass gaming segment and non-gaming revenue, such as hotel occupancy and theme park visits, are anticipated to drive growth.

Analysts maintain an optimistic outlook for Singapore’s gaming sector in 2025, driven by increased tourist visits and entertainment events. Genting Singapore is recommended as a buy, with a target price of S$1.12, offering a prospective dividend yield of 5.4%.
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Yangzijiang Financial Holding has announced its intention to spin off its maritime investments segment into a newly formed company, which will be listed on the Mainboard of the Singapore Exchange. This strategic move is designed to enable more focused capital allocation and enhance the strategic direction of the maritime investments business.

The proposed spin-off will see the creation of a dedicated maritime investment platform, known as the Spin-off Group, which will focus on unlocking value across the maritime value chain. This includes finance leasing, brokerage services, and broader investment participation. Ren Yuanlin, an industry veteran, will lead the Spin-off Group, leveraging his extensive expertise to drive long-term growth.

The Legacy Group, which remains after the spin-off, will continue to concentrate on funds, diversified asset management, and investment operations. The separation aims to provide each entity with tailored capital structures, enhancing operational efficiency and strategic focus.

Yangzijiang Financial believes this move will unlock shareholder value by allowing a clearer market valuation of each business. The company is currently in the preliminary stages of the spin-off and has appointed SAC Capital Private Limited as the financial adviser and issue manager for the process. Completion of the spin-off is targeted within 6 to 12 months, subject to regulatory approvals and market conditions.

The company has emphasised that the spin-off is still in the exploratory phase, and no definitive decisions have been made. Shareholders and potential investors are advised to exercise caution and consult professional advisers as necessary.
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Singapore banks are bracing for a challenging period as share prices have reached their peak, and downside risks to earnings are anticipated, according to a DBS Group Research note.

The report highlights that even if trade tensions de-escalate, the banks may still face potential downgrades in guidance whilst maintaining their dividend commitments.

The report provides a preview of the first quarter of 2025, indicating mixed net interest margins (NIMs) but strong performance in wealth fees and trading income. However, it advises caution regarding provisions. The analysis suggests a lack of catalysts for growth, prompting a recommendation to maintain a “HOLD” position on Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB), with dividend yields expected to cap any downside.

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The Johor Economic Tourism and Cultural Office Singapore (JETCO) has announced a series of strategic collaborations to strengthen tourism ties between Johor and Singapore. Revealed during a B2B Table Talk Session on 22 April, these initiatives aim to enhance visitor experiences and promote cross-border tourism opportunities.

JETCO’s Executive Chairman, Hasni Mohammad, highlighted the shared vision for tourism growth between Johor and Singapore, stating that JETCO acts as a bridge to facilitate partnerships benefiting both regions. The goal is to transform transit visitors into extended-stay tourists and day-trippers into repeat guests.

Johor offers significant attractions for Singaporean tourists, including world-class resorts like Desaru Coast and theme parks such as Legoland. For international visitors, Johor provides pristine beaches and lush rainforests, just a short drive from Singapore.

Key initiatives include a Digital Tourist Counter at Suntec City, in collaboration with WTS Travel, to provide real-time travel information and booking services for Johor-bound visitors. Additionally, the Johor Tourism Ambassador Programme with Les Clefs d’Or Singapore aims to equip concierge professionals with in-depth knowledge of Johor’s offerings.

These efforts align with Johor’s vision for the Visit Johor Year 2026 campaign, which aims to attract 12 million tourists. The campaign will focus on ecotourism, family attractions, and cultural heritage, supported by significant investments in tourism infrastructure.

Johor State Executive Councillor, Raven Kumar Krishnasamy, emphasised the importance of these partnerships in enhancing connectivity and promoting new travel experiences. As Johor prepares for Visit Johor Year 2026, these collaborations are expected to boost tourism and economic growth in the region.
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The Singapore Sustainable Finance Association (SSFA) has unveiled its first white paper, “Financing Our Natural Capital: A practical guide for FIs getting started on nature financing.” Released on 25 April 2025, the document provides financial institutions in Southeast Asia with practical guidance on managing nature-related risks and leveraging climate action momentum.

The white paper, developed by SSFA’s Natural Capital and Biodiversity Workstream, is a landmark initiative for the organisation, which was established in January 2024. It draws insights from over 25 industry members and features case studies illustrating the interdependence of nature and economics. With over 60% of Asia Pacific’s GDP reliant on nature, the depletion of natural capital presents significant risks and opportunities. A 2021 report by Temasek, the World Economic Forum, and AlphaBeta suggests that nature-positive investments could unlock $4.3 trillion and create over 230 million jobs in Asia by 2030.

The paper offers actionable suggestions for integrating nature into financial decision-making, highlighting sectors such as agriculture, mining, manufacturing, and real estate as highly dependent on natural capital. It aims to connect financial institutions, policymakers, and real economy players, translating global standards into relevant strategies for Asia’s sustainable future.

Gillian Tan, Assistant Managing Director at the Monetary Authority of Singapore, expressed support for the initiative, stating, “We welcome the launch of this industry-driven whitepaper on a topic of growing importance for the region.” Eric Lim, SSFA NCB Workstream Co-lead, emphasised the importance of treating natural capital as integral to economic value chains.

The white paper is available for download on the SSFA website, offering a roadmap for financial institutions to channel capital towards nature-resilient initiatives.
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