Industry News

The shophouse market in 2024 experienced its quietest year since 1998, with only 84 caveated transactions, according to Huttons’ latest report.

Despite a slight recovery in interest from the previous year’s low, the transaction volume remained well below the historical average of 200 transactions per year from 1995 to 2023. The total transacted value of these shophouses was $683.6m, marking a 38.9% decline from 2023’s $1.1b.

Investors have shown a preference for shophouses priced between $5m and $15m, with more than half of the transactions falling within this range. Shophouses with permission to operate food and beverage (F&B) outlets are particularly attractive due to their potential for higher returns. Notably, almost half of the transactions in 2024 occurred in District 8, likely due to its appealing city fringe location and competitive pricing compared to Districts 1 and 2.

The Rail Mall transaction stood out as the largest shophouse deal of the year, sold by Paragon Reit for $78.5m in June 2024. This sale surpassed the previous record of $74.8m for a row of shophouses along Jalan Sultan in March 2022.

Looking ahead, investors remain optimistic about the resilience and wealth-preserving qualities of shophouses, attributed to their scarcity. The recent interest rate cuts in the last quarter of 2024 are expected to lower borrowing costs, potentially stabilising transaction volumes and values in 2025.

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Seatrium Limited has signed a Memorandum of Understanding (MOU) with BP Exploration & Production Inc. (bp) for the Tiber Floating Production Unit (FPU) project in the Gulf of Mexico. This agreement marks their second collaboration in the region, following the Kaskida FPU project.

The Tiber FPU will involve Seatrium providing engineering, procurement, construction, and commissioning (EPCC) services. The unit is designed to enhance operational efficiency and safety, meeting the rigorous demands of deepwater production. Located approximately 300 miles southwest of New Orleans in the Keathley Canyon area, the Tiber discovery is strategically positioned to support bp’s deepwater assets.

Both companies will jointly define the initial works and EPCC scope under the MOU. However, the contract award for the Tiber project is contingent upon bp’s final investment decision, expected later in 2025. This collaboration builds on the successful partnership between Seatrium and bp on the Kaskida FPU, which reached its final investment decision in 2024.

The Tiber project aims to leverage technological advancements and lessons learned from the ongoing Kaskida project. It will utilise Seatrium’s proven topsides single lift integration methodology, ensuring operational excellence and efficiency. This initiative underscores Seatrium’s commitment to advancing deepwater production capabilities and strengthening its partnership with bp.

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DBS has announced significant senior-level appointments, effective from 1 April 2025, as part of its strategy to nurture talent from within.

Derrick Goh, currently the Head of Group Audit, will transition to the newly created position of Group Chief Operating Officer (COO), where he will oversee the Operations and Transformation Group and join the Group Executive Committee. Meanwhile, Koh Kar Siong, the present Group Head of Corporate and SME Banking, will take over as Group Head of Audit and become a member of the Group Management Committee.

Derrick Goh, who joined DBS in 2008, has held various senior roles, including leading the regional Treasures and Treasures Private Client wealth management business. Koh Kar Siong, with DBS since 2003, has extensive experience across different business units and geographies, having previously led SME Banking in Singapore.

Additionally, Jimmy Ng, the current Group Head of Operations, will retire from executive duties on 1 July 2025. He will continue to contribute as a Senior Advisor for the bank’s artificial intelligence initiatives until the end of the year. DBS CEO Piyush Gupta praised Ng’s contributions, stating, “Jimmy introduced data and analytics, as well as agile ways of working, to the bank long before they were mainstream.”

These appointments underscore DBS’s commitment to developing internal talent and ensuring leadership continuity. The bank’s focus on innovation and transformation remains a priority as it continues to leverage digital technology to shape the future of banking in Asia.

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Savills Singapore has announced the sale of two adjoining ground floor strata retail units at Peninsula Plaza, a landmark mixed-use development in Singapore’s City Hall district.

The units, which offer a combined strata area of 104.5 square metres, are positioned with high visibility along North Bridge Road, making them an attractive proposition for businesses and investors alike.

Peninsula Plaza, a 999-year leasehold property, is a 30-storey development featuring a six-storey retail podium and a 24-storey office tower. Its strategic location offers excellent connectivity, including a sheltered link to the City Hall MRT Interchange.

The area is a bustling commercial and cultural hub, surrounded by key destinations such as Funan, Raffles City, and CHIJMES.

Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the units’ prime positioning: “Strategically positioned along the ground floor of Peninsula Plaza facing North Bridge Road, the two units are arguably the best within the development with prominent frontage. The units benefit from consistently strong footfall every day.”

With the Urban Redevelopment Authority’s (URA) restrictions on strata subdivision for new developments in the City Hall area, opportunities like this have become increasingly rare. The properties offer a 3% yield to investors, which is uncommon for prime ground floor retail units.

The guide price for the units is set at £10.9m, and they can be purchased individually or as a pair. Both foreigners and companies are eligible to purchase, with no additional buyer’s or seller’s stamp duty imposed.

Interested parties are invited to submit their offers via Private Treaty.

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MedTech Catapult, a national initiative spearheaded by the Agency for Science, Technology and Research (A*STAR), officially launched on 12 February 2025 at Biopolis, Singapore.

This $38m  project aims to fast-track the development and commercialisation of high-value life science instruments and medical devices, addressing key challenges faced by medtech innovators in product engineering, regulatory approval, and scalable manufacturing.

The launch event was officiated by Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, who also unveiled a local supplier and contract manufacturer directory. This directory is designed to connect medtech product owners with local partners, fostering co-innovation and efficient production scaling.

MedTech Catapult’s mission is to bridge the gap between concept and market for medtech products by collaborating with clinicians, regulators, and industry experts. The initiative supports projects like Castomize’s Remouldable Orthopaedic Cast and Dornier MedTech’s Smart System for Enhanced Laser Lithotripsy, leveraging its expertise in design, development, and manufacturing optimisation.

Dr Mary Kan, Programme Director for MedTech Catapult, emphasised the importance of the new directory, stating it reflects the initiative’s commitment to supporting Singapore’s medtech ecosystem. “This directory serves as a vital tool to connect product owners with a network of partners offering specialised capabilities,” she said.

The establishment of MedTech Catapult underscores Singapore’s dedication to advancing healthcare solutions and solidifying its status as a global leader in medtech innovation.

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Singapore’s life insurance industry has reported a robust 19.7% year-on-year (YoY) growth in 2024, achieving $5.87b in total weighted new business premiums, according to the Life Insurance Association, Singapore (LIA Singapore). This growth, primarily driven by an increase in annual premium business, highlights the sector’s resilience amidst challenging economic conditions.

Investment-linked plans (ILPs) were a significant contributor, surging 41% YoY, as consumers sought wealth accumulation options amidst economic uncertainty. Regular premium ILPs, which help mitigate market timing and volatility, saw increased uptake. Non-participating products also grew by 19.2% YoY, whilst participating products saw a slight decline of 2.7% YoY.

The industry also made progress in narrowing Singapore’s protection gap, with a 3.6% YoY increase in total sum assured for the year. Health insurance coverage expanded, with approximately 40,000 more Singaporeans and Permanent Residents covered by Integrated Shield Plans (IPs) by the end of 2024. In total, 2.97 million lives, or 71% of Singapore residents, are now protected by IPs.

Dennis Tan, President of LIA Singapore, expressed optimism about future growth, citing rising consumer awareness and demand for sustainable insurance products. However, he noted the challenge of medical inflation, expected to rise by 12%  in Singapore, necessitating collaboration among insurers, the medical community, and policymakers to keep healthcare premiums affordable.

The final quarter of 2024 saw an 11.1% YoY growth in total weighted new business premiums compared to the previous year, driven by a 27.9% YoY increase in annual premium products. However, single premium products experienced a 26.3% YoY decline in the same period. The industry paid out $18.12b in claims in 2024, marking a 33.4% increase from the previous year.

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SGTech, Singapore’s premier tech association, has unveiled its recommendations for the 2025 Budget, emphasising the need for AI-driven workforce upskilling, a global talent strategy, and enhanced support for small and medium-sized enterprises (SMEs). As technological disruption accelerates, SGTech warns that without targeted interventions, Singapore risks losing its competitive edge in the global tech sector.

The association, representing over 1,300 member companies, stresses the importance of leveraging Singapore’s skilled workforce and strategic location. However, challenges such as offshoring, talent migration, and an AI skills gap threaten to undermine long-term competitiveness. SGTech’s recommendations include:

– Accelerating workforce upskilling through AI adoption
– Strengthening Singapore’s position as a Global Talent Hub
– Increasing support for SMEs in the tech talent ecosystem

Nicholas Lee, Chair of SGTech, stated, “Our Budget 2025 recommendations are about more than just short-term growth – they are about securing Singapore’s place in the next era of global technology leadership.”

SGTech proposes stronger partnerships between government agencies and industry associations to drive AI adoption among SMEs. This includes showcasing successful AI use cases and enhancing business consultancy support to help SMEs implement AI-driven productivity improvements.

To bolster Singapore’s status as a Global Talent Hub, SGTech recommends financial support for overseas placements and a skills-based approach to immigration policies. Sharon Teo, Co-Chair of SGTech’s Talent Steering Committee, highlighted the need for SMEs to attract tech talent, stating, “By incentivising SME-led training and adopting a skills-first hiring approach, we can build a more agile, competitive workforce.”

The association also suggests expanding on-the-job training initiatives and introducing co-funded SME scholarship schemes to attract young professionals to SMEs, ensuring a robust tech talent ecosystem.

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CapitaLand Ascott Trust (CLAS) has been recognised as the sole lodging trust from Asia Pacific to be included in the S&P Global Sustainability Yearbook 2025. This marks CLAS’s debut in the prestigious index, where it also achieved the ‘Industry Mover’ status, highlighting its significant improvement within the industry.

The S&P Global Sustainability Yearbook, which assessed over 7,690 companies globally, recognised only 780 companies this year. The inclusion is based on the S&P Global Corporate Sustainability Assessment (CSA), which evaluates a company’s management of environmental, social, and governance (ESG) risks and opportunities.

Serena Teo, CEO of CapitaLand Ascott Trust Management Limited, stated, “Sustainability remains core to what we do at CLAS. We integrate sustainability in every stage from investment to design, development and operations.” She emphasised CLAS’s commitment to achieving its sustainability targets and providing confidence to investors through externally assured sustainability reports.

CLAS has already greened over 50% of its global portfolio and aims to achieve 100% by 2030. The trust’s asset enhancement initiatives (AEI) focus on improving energy and water efficiency, with six out of eight properties in the AEI pipeline already green certified.

The trust’s inclusion in the yearbook further solidifies its reputation as a leader in sustainability, having secured over $800min sustainable financing. CLAS’s achievements include being named ‘Global Listed Sector Leader – Hotel’ in GRESB for four consecutive years and topping the Singapore Governance and Transparency Index in its category.

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The Inland Revenue Authority of Singapore (IRAS) has announced that more than 2 million employees will benefit from prefilled tax returns in 2024, as part of the Auto-Inclusion Scheme (AIS). This initiative requires approximately 120,000 employers to submit their employees’ income data by 1 March to prevent penalties.

Last year, 11,000 employers missed the AIS deadline, resulting in inaccurate or delayed tax assessments for 140,000 employees.

The AIS, which simplifies the tax filing process by automatically including employment income data in tax returns, has seen a significant increase in participation.

This year, 12,500 new employers have joined the scheme, bringing the total number of AIS employers to around 120,000. These employers received a notification from IRAS in January 2025, outlining their obligations under the scheme.

The expansion of the AIS is a crucial step in improving the efficiency and accuracy of tax assessments in Singapore.

By ensuring timely submission of employment income data, the scheme aims to reduce errors and delays in tax processing. This initiative not only benefits employees by providing prefilled tax returns but also helps employers streamline their reporting processes.

As the deadline approaches, IRAS urges all AIS employers to comply with the submission requirements to avoid penalties and ensure a smooth tax filing experience for their employees. The continued growth of the AIS reflects Singapore’s commitment to leveraging technology for enhanced tax administration and compliance.

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ISOTeam Ltd. has reported a significant 36.5% increase in net attributable profit for the first half of the fiscal year 2025, reaching $1.9m. This growth is attributed to a 4.2% rise in revenue, totalling $65.4m, largely driven by the Alteration and Addition (A&A) segment, which saw a 61.6% year-on-year increase to $30.3m.

The company’s order book stands robust at $188.7m, expected to sustain activities through to FY2029. Executive Director and CEO, Anthony Koh, expressed optimism about maintaining a strong order book, citing ongoing tenders and public sector projects as potential opportunities. “With more infrastructure projects and upgrading works being announced by the public sector, I am optimistic that ISOTeam will be able to maintain a robust order book that will continue to deliver positive results,” Koh stated.

ISOTeam’s gross profit also saw an 18.4% increase to $9.9m, with a gross profit margin improvement of 1.8 percentage points, reflecting better margins from post-COVID-19 projects. The company recently completed a capital reduction exercise to enhance its financial position and future dividend capabilities.

Looking ahead, ISOTeam is poised to benefit from the Building and Construction Authority’s forecasted construction demand growth, driven by major projects like Changi Airport Terminal 5 and Marina Bay Sands expansion. The company is also advancing its technological capabilities with ISOTeam BuildTech, focusing on autonomous solutions, including drones for façade inspections and painting, expected to be commercialised by the end of 2025. This innovation aims to boost productivity and safety, positioning ISOTeam for future growth in the digital era.

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