Industry News

Singapore-headquartered Agoda, the digital travel platform, has partnered with the Bangkok Metropolitan Administration and the Queen Sirikit Centre for Breast Cancer Foundation to organise a charity run aimed at raising awareness and funds for breast cancer research and treatment. The event took place on 8 June at Palm Garden in Lumphini Park, Bangkok, drawing over 200 Agoda employees, including senior leadership, to support the cause.

The charity run is part of Agoda’s commitment to social impact, with all donations going towards the foundation’s health initiatives. These include innovative treatments, educational campaigns, and early detection programmes. Damien Pfirsch, Chief Commercial Officer at Agoda, expressed pride in the event, stating, “This event enabled us to make a difference in our local community whilst fostering a deeper connection with those around us.”

Agoda pledged a minimum donation of $2,800 (THB 100,000), with additional contributions collected via QR codes at the venue. The proceeds will support advanced-stage breast cancer treatments, research on white blood cell-based immunotherapy, and awareness campaigns. Dr Adhisabandh Chulakadabba, Director of the Queen Sirikit Centre for Breast Cancer Foundation, highlighted the importance of such initiatives, saying, “This run is an important reminder of how education and proactive efforts can bring positive changes to our communities.”

The event underscores Agoda’s dedication to inspiring positive change and supporting women’s health through awareness and collective compassion.
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Singapore Repertory Theatre is set to captivate audiences with its latest production, Fried Rice Paradise: The Makan Party, beginning 12 August 2025. This immersive dinner theatre experience, celebrating SG60, combines music, laughter, and family drama, inviting attendees to indulge in local flavours whilst participating in the storyline. The audience will play a crucial role in deciding the fate of the Fried Rice Paradise empire.

The production, a creation of renowned Singaporean artist Dick Lee, promises to be a feast for the senses, blending theatrical performance with a culinary experience. “This show is not just about watching a performance; it’s about being part of it,” said Charlotte Nors, Managing Director of Singapore Repertory Theatre. The interactive nature of the event ensures that each night could offer a different outcome, depending on the audience’s votes.

Held at Paradox Singapore, the event is expected to draw theatre enthusiasts and food lovers alike, offering a unique way to celebrate Singapore’s rich cultural heritage. The combination of a compelling narrative and delicious local cuisine aims to create an unforgettable evening for all attendees.

As Singapore Repertory Theatre continues to innovate with its productions, Fried Rice Paradise: The Makan Party stands out as a testament to the creative spirit of Singapore’s arts scene. The production not only highlights local talent but also engages the community in a novel way, promising to be a highlight of the SG60 celebrations.
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SGX-listed China Everbright Water Limited has successfully issued the third tranche of its 2025 medium term notes, raising RMB700m. The issuance, fully subscribed by institutional investors in mainland China’s national inter-bank bond market, boasts a record-low interest rate of 2.07% for panda bonds with perpetual terms. The proceeds will be used to redeem the company’s existing perpetual medium term notes.

The 2025 Third Tranche Medium Term Notes (MTNs) have been awarded a “AAA” credit rating by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. Everbright Securities Company Limited led the underwriting, with Bank of China Limited, China Merchants Bank Co., Ltd., Bank of Jiangsu Co., Ltd., and China Zheshang Bank Co., Ltd. acting as joint lead underwriters.

In December 2024, Everbright Water registered multiple debt financing instruments totalling RMB8b, receiving approval to issue these in various tranches. The first and second tranches, issued in January and April 2025, raised RMB2.5b at interest rates of 1.78% and 1.90%, respectively.

The perpetual structure of the 2025 Third Tranche MTNs highlights Everbright Water’s innovative approach to financing, allowing for a diversified debt portfolio. The company’s strategic focus on optimising its debt structure aims to enhance the management of financing costs, providing sustained capital support for its development amidst a volatile market environment.
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The Straits Times Index (STI) continued its upward trajectory, climbing 1.02% to reach 3,934.29, driven by robust performances in the banking sector, Singapore Airlines, Jardine stocks, and the Singapore Exchange. This marks the STI’s seventh gain in the past eight weeks, supported by a stable Wall Street environment.

The week saw Wall Street experience some volatility, particularly with Tesla’s shares plummeting following a public disagreement between Elon Musk and Donald Trump. Despite this, positive developments emerged on the US-China tariff front, with May’s US jobs data indicating no immediate impact from tariffs. The Federal Reserve is expected to maintain interest rates in the upcoming week.

In corporate news, OCBC made a conditional general offer of S$30.15 per share for the remaining 6.28% stake, which an independent financial adviser described as “fair and reasonable.” Additionally, share buybacks are on the rise, according to SGX Research, with City Developments poised to gain $465m (S$465m) from selling its stake in South Beach.

The Securities Investors Association (Singapore) advised Singapore Paincare shareholders to await the independent financial adviser report before making decisions. The Weekly Market Review by SIAS, held every Monday at 12.30 PM, continues to provide insights into global and local market activities, offering valuable perspectives for investors.
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ETC has announced the sale of 51 Merchant Road, a standalone modern commercial building with annexed conservation shophouses, for $98m (S$135m). This unique property, located in one of Singapore’s vibrant riverside precincts, combines heritage charm with modern flexibility. Interested parties are invited to submit an Expression of Interest by 9 July 2025.

Occupying a site area of approximately 27,669 sq ft, 51 Merchant Road boasts a gross floor area of around 71,111 sq ft. The property, zoned for commercial use under Master Plan 2019, features a 4-storey main building with prominent frontage along Merchant Road and annexed shophouses that enhance its architectural appeal. A basement car park adds convenience for occupants and visitors.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the property’s potential: “51 Merchant Road is a rare commercial gem, offering multiple pathways in terms of use—whether as a corporate headquarters, an investment asset with rental income, or a redevelopment or asset enhancement opportunity.” She noted the property’s excellent connectivity and abundance of nearby amenities.

The building’s strategic location, just 300-400 metres from Clarke Quay and Fort Canning MRT stations, ensures superb connectivity. Nearby major expressways, including the Ayer Rajah Expressway and Central Expressway, further enhance accessibility.

With the ongoing rejuvenation of the riverfront precinct and nearby developments like Union Square and CanningHill Piers, the successful buyer is expected to benefit from increased footfall and long-term value uplift in the area.
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The imoo Watch Phone X10, a flagship product from the global leader in children’s smart devices, has been launched in Singapore. Designed to provide peace of mind for parents, this innovative watch phone combines real-time location tracking, video calling, and health monitoring, all whilst being water-resistant up to 20 metres. The launch comes as Singapore’s government initiatives encourage healthier screen habits among children.

The imoo Watch Phone X10 stands out with its Flip and Detach camera, allowing children to capture their surroundings creatively. It features a 5MP front camera and an 8MP rear camera, enabling unique photography angles. The watch also supports the Bump and Add Friends feature, which facilitates safe social interactions by allowing children to add friends with a simple bump of their watches, pending parental approval.

Parents can track their child’s location down to floor level using the imoo app, thanks to the Qualcomm 4100 chipset and global coverage. The watch’s water resistance ensures it remains functional during swimming lessons or rainy days, making it a reliable companion for children.

The imoo Watch Phone X10 also promotes physical activity with professional sport data tracking, including heart rate monitoring and calorie burn, encouraging children to maintain healthy habits. With over 150 quality checks and compliance with international standards, the device prioritises durability and data privacy.

Available from 6 June 2025, the imoo Watch Phone X10 aims to transform children’s lifestyles through technology, offering a secure and engaging experience for young users.
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The Singapore Exchange (SGX) has reported that whilst the Straits Times Index (STI) has achieved a 6.5% total return for the year up to 6 June 2025, a broader set of 135 stocks with market capitalisations exceeding S$250m have outperformed, averaging 7.9% total returns. These stocks span all 12 sectors and include 40 stocks with an average daily turnover (ADT) of more than S$1m, with 13 from the S-REIT sector.

Among the non-STI stocks with market capitalisations above S$3b, SIA Engineering and Singapore Land Group have shown notable performance. SIA Engineering reported a 44% increase in net profit for FY24/25 and signed S$1.3b in service agreements, contributing to a 24% total return and an ADT rise to S$1.5m. Singapore Land Group achieved a 28% total return, with its ADT increasing by 45% from the previous year, driven by strong performance in investment properties and hotel operations.

Additionally, Singapore lists nearly 40 stocks with market capitalisations between S$1b and S$3b, with Sheng Siong Group leading in size. Sheng Siong reported a 7.1% revenue increase in Q1 FY25, boosting its total return to 15% for the year. Half of these stocks have averaged over S$1m in ADT, with Sheng Siong among the top five most traded.

The SGX’s update underscores the diverse opportunities beyond the STI, highlighting significant trading activity and returns among smaller-cap stocks.

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A recent survey by the Million Dollar Round Table (MDRT) has revealed that a significant 81% of Singaporeans are now utilising artificial intelligence (AI) tools to manage their personal finances. The survey highlights a growing trend towards digital financial tools, with applications such as budgeting, robo-advisors, and personalised financial advice being particularly popular among Gen Z and millennials.

The survey, conducted by Opinium, found that 72% of Singaporeans support financial advisers using AI, and 67% trust those who do. However, there is a strong demand for transparency, with 88% of respondents wanting to be informed when AI is used in financial services. Additionally, 84% of Singaporeans believe that AI in financial advising should be regulated, underscoring the importance of human oversight.

Despite the increasing adoption of AI, Singaporeans still value human expertise for core advisory decisions. AI is seen as a tool to support functions like communication and automation rather than replacing professional judgement. Gregory Fok, a 19-year MDRT member, noted, “The government’s efforts to strengthen AI capabilities have boosted public confidence in AI use within the financial sector.”

Interestingly, the survey also found that those currently working with financial advisers are more likely to use AI (92%) compared to those who have never engaged an adviser (66%). This suggests a preference for a hybrid approach that combines human expertise with digital tools.

As AI continues to integrate into financial services, the call for ethical and transparent use remains strong, reflecting the need for a balanced approach that combines technology with human insight.
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Singapore’s retail sector experienced a mixed start to 2025, with initial gains in January giving way to declines in the following months, according to Savills Singapore’s Q1 2025 Retail Briefing. The early boost in sales, attributed to the Chinese New Year and government consumption vouchers, was short-lived as non-discretionary spending, including cosmetics and apparel, saw significant drops in the quarter.

The food and beverage (F&B) sector mirrored this trend, with restaurants, fast-food outlets, and cafes reporting lower revenues. Retail vacancy rates increased from 6.2% in the previous quarter to 6.8% in Q1, highlighting the ongoing challenges faced by the industry.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Whilst established brands face the challenges of higher costs, new-to-market brands remain optimistic.” This optimism is reflected in the interest of new brands looking to establish a presence in prime shopping areas, potentially driving up rents by 1% to 2% in 2025.

Despite the challenges, the average monthly rent in key areas like Orchard and Suburban remained stable at $17.00 (S$23.20) and $10.80 (S$14.70) per square foot, respectively. However, the strong Singapore dollar and the rise of e-commerce continue to divert consumer spending away from physical stores.

As the retail landscape evolves, the sector must navigate the dual pressures of increasing operational costs and shifting consumer preferences towards online shopping. The outlook remains cautious, with potential rent increases and the continued growth of e-commerce shaping the future of Singapore’s retail industry.
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Singapore-headquartered Rex International Holding Limited has revealed ambitious growth plans for its subsidiary, Lime Petroleum Holding AS, focusing on assets in Norway, Benin, and Germany. Lime Petroleum, which operates through its subsidiaries Akrake Petroleum Benin SA, Lime Petroleum AS, and Lime Resources Germany GmbH, is set to enhance its production capabilities and streamline operations across these regions.

In Benin, Akrake Petroleum is preparing to commence drilling in July 2025 at the Sèmè Field, with production anticipated to start in the fourth quarter of 2025. The project aims to produce approximately 16,000 barrels of oil per day, utilising a Mobile Offshore Production Unit and a Floating Storage & Offloading unit.

Norway’s Brage Field, where Lime Petroleum AS holds a 33.8434% interest, continues to outperform expectations. Recent discoveries and ongoing tie-back operations are set to boost production, with combined output from the Yme and Brage Fields expected to reach between 10,000 and 11,000 barrels of oil equivalent per day in 2025.

In Germany, Lime Resources Germany GmbH is focusing on the Erfelden area, with plans to increase production at the Schwarzbach Field. The company aims to drill two new wells in late 2025, potentially adding 500 barrels per day to its output by January 2026.

Lime’s CEO, Lars B. Hübert, highlighted the company’s strategic use of expertise across geographies, stating, “Lime and its subsidiaries are poised for an exciting autumn, with several high-impact operations taking place from the second half of 2025.”

These developments underscore Lime Petroleum’s commitment to leveraging its technological and operational expertise to enhance production and shareholder value across its global assets.
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