Industry News

Lifeline Cleaning, a prominent cleaning service provider in Singapore, has launched a corporate social responsibility (CSR) initiative to support the Singapore Association of the Visually Handicapped (SAVH) during the Chinese New Year celebrations.

This initiative includes a festive get-together at SAVH’s facilities, aimed at enhancing the environment for the visually impaired community and promoting inclusivity.

The CSR initiative by Lifeline Cleaning involved several activities designed to spread festive cheer. The company distributed Ang Baos, a traditional Chinese New Year gift symbolising blessings, to SAVH members. Additionally, a breakfast-sharing session was organised to foster community connections, and cakes and pastries were provided for members to take home, further spreading joy.

Roy Tan, Business Development Corporate Accounts at Lifeline Cleaning, stated, “Our collaboration with SAVH for Chinese New Year allows us to honour the festive season while contributing to a cleaner, healthier, and more joyful environment for the visually impaired community.”

The initiative also included participation from 45 visually impaired elderly beneficiaries from the daycare group, along with SAVH staff, some of whom are partially blind. This effort underscores Lifeline Cleaning’s commitment to supporting vulnerable community members through various outreach activities.

Lifeline Cleaning has a history of incorporating CSR as a core element of its operations, previously collaborating with organisations supporting the elderly and other underserved groups. The company plans to expand its CSR initiatives to additional non-profit organisations, leveraging its expertise to create safe, hygienic, and inclusive environments for underserved communities.

Parkway Life Real Estate Investment Trust (PLife REIT) has announced a 1% increase in its distribution per unit (DPU) for the full year 2024, reaching 14.92 pence.

This growth comes despite the impact of equity funding raising, which, if excluded, would have resulted in a 2.3% higher DPU compared to the previous year.

The trust remains committed to its Singapore base while strategically diversifying into Europe with the acquisition of 11 nursing homes in France.

The acquisition in France was completed at approximately 3.7% below valuation, marking PLife REIT’s strategic entry into a third key market. This move was fully financed through a successful equity funding raising via a private placement, which raised approximately $180m.

PLife REIT maintains a healthy gearing ratio of 34.8%, with no long-term debt refinancing needs until September 2026. This financial stability supports its ongoing expansion and diversification strategy. The trust’s net asset value per unit increased to $2.41, up from $2.34 the previous year.

The trust’s financial statements reveal a total return after tax of $95.04m for 2024, a slight decrease from $100.47m in 2023. Despite this, the trust’s strategic moves and financial health position it well for future growth.

Looking ahead, PLife REIT’s expansion into Europe signals its commitment to diversifying its portfolio and enhancing returns for unitholders. The trust’s focus on strategic acquisitions and financial prudence continues to underpin its growth trajectory.

StarHub, in collaboration with Nokia, has completed the nationwide rollout of its XGS-PON network, connecting hundreds of thousands of homes across Singapore to 10 Gbps internet speeds.

This development marks StarHub as the first operator globally to fully migrate to a software-defined access network using Nokia’s AI-driven Altiplano platform, enhancing the capacity for bandwidth-intensive applications such as AI, immersive gaming, and advanced security.

The upgraded network is a significant step in supporting Singapore’s Digital Connectivity Blueprint, a government strategy aimed at boosting the national economy and improving citizen well-being through next-generation digital infrastructure. Nokia’s Altiplano Access Controller will enable StarHub to automate network operations, detect issues proactively, and optimise performance, thereby enhancing customer experience.

Lee Yeu Ching, Vice President of Fixed and Media Networks at StarHub, stated, “We have set ambitious goals to advance our network, aiming to enhance user experience and operational efficiency. Nokia, our longstanding partner, has played a vital role in the successful completion of this crucial initiative.”

Ming Kin Ngiam, Head of SEA South for Network Infrastructure Sales at Nokia, added, “StarHub is establishing a new standard in network modernisation with their comprehensive XGS-PON and SDAN network solutions.”

This milestone not only signifies a leap in StarHub’s Cloud Infinity Strategy but also sets a new benchmark in network modernisation, paving the way for future innovations in AI and machine learning automation.

Bernini, a new range of sparkling spritzers made from wine, has officially launched in Singapore, offering a refreshing twist for Valentine’s Day celebrations.

With an alcohol by volume (ABV) of 4.5%, Bernini is available in three distinct flavours: Classic, Blush, and Amber, each crafted to cater to diverse palates.

Bernini’s Classic variant, inspired by white wine, features subtle hints of honey and muscat, while the Blush variant, crafted in a Rosé wine style, offers delicate floral notes. For those seeking a richer taste, the Amber variant, inspired by Gold Rosé wine, provides luscious hints of peach and apricot.

To enhance the Valentine’s Day experience, Bernini has partnered with Cheeselads, offering three complimentary bottles with every cheese platter purchased from February to March 2025. The pairing suggestions include Bernini Classic with Truffle Brie, Amber with Smoky BBQ Gouda, and Blush with Moulin Reserve.

Gerald Yeo, Marketing Director at Asia Pacific Breweries Singapore, stated, “Singapore’s vibrant and social culture is the perfect backdrop for Bernini’s real sparkling spritzers made from wine. We also recognised a need for light, low-alcohol options that cater to those who want a sophisticated drinking experience without compromise.”

Bernini is now available at RedMart and 7-11 stores across Singapore. Promotions include a chance to win a trip to Paris with the purchase of two bottles from 7-11 and a free £5 I’M IN voucher with every three bottles purchased on RedMart. These offers run from 12 February to 8 April 2025.

Alipay has reported a remarkable increase in both inbound and outbound spending during the 2025 Chinese New Year, with Singapore emerging as the top destination for Chinese travellers. Alipay transactions by outbound Chinese tourists across its global merchant network rose by 30% year-on-year, while spending in Singapore increased by 56%, making it the most popular destination. Other destinations with significant growth included Japan, Malaysia, Hong Kong SAR, and South Korea.

The surge in spending is attributed to Alipay’s exclusive Chinese New Year campaign, which leveraged its cross-border mobile payment solutions. This allowed users of 35 e-wallets in Asia and Europe to make payments across 66 markets without currency exchange or cash.

Inbound travel spending in China also saw a substantial rise, with a 150% year-on-year increase in the first five days of the holiday. The number of inbound travellers using their home e-wallets supported by Alipay+ nearly doubled during the first four days. Visa-free policies and new payment options have been instrumental in attracting international visitors to experience Chinese New Year traditions.

Alipay’s partnerships with major payment networks like Visa and Mastercard have facilitated seamless payments for international travellers in China. This has led to a 200% increase in spending from visa-free origins.

The growth in Alipay transactions highlights the increasing demand for digital payment solutions and the appeal of personalised travel experiences. As Alipay continues to expand its global merchant network, it is poised to further enhance the travel experience for Chinese tourists and international visitors alike.

Perennial Holdings Private Limited and Far East Organisation have announced the unveiling of Aurea, a new 45-storey residential tower in Singapore’s Golden Mile.

This development, featuring 188 exclusive homes ranging from two- to six-bedrooms, is set to redefine city living by blending modern luxury with the iconic architectural heritage of The Golden Mile. Prices for these residences start at $1.92m, with the development expected to be completed in the second quarter of 2029.

Aurea’s design pays homage to The Golden Mile’s Brutalist architecture whilst incorporating modern tropical elements. The tower offers a variety of living spaces, including the Prestige, Signature, and Sky Villa Collections, each designed to maximise light and space. The Sky Villa Collection includes duplex and triplex penthouses with private pools and panoramic views.

Ms Shaw Lay See, Chief Operating Officer of Far East Organisation’s Sales & Leasing Group, highlighted Aurea’s unique appeal, stating, “Aurea presents an exceptional opportunity for homebuyers to own a residence that melds modern luxury with a sense of history.”

The Aurea sales gallery will open for previews by appointment from 22 February 2025, with the official launch on 8 March 2025. Situated in the Downtown Core, Aurea offers prime connectivity to key destinations and is part of a broader revitalisation effort in the area. The development promises a lifestyle enriched with curated facilities, including infinity pools, a gym, and dining pavilions, all seamlessly connected to The Golden Mile.

Singapore Management University (SMU) has announced the establishment of the Margaret Chan-Lien International Exchange Scholarship, funded by a generous $3m gift from philanthropist Margaret Chan-Lien.

Starting in August 2025, the scholarship will provide financial support to 20 undergraduates annually, enabling them to participate in international student exchange programmes. This initiative aims to broaden students’ global perspectives and enhance their future career opportunities.

The scholarship, part of SMU’s 25th-anniversary celebrations, will offer eight scholarships valued at $5,000 each for exchanges in Asia and 12 scholarships valued at $10,000 each for exchanges outside Asia. It is open to Singapore citizens and permanent residents with financial needs and good academic standing. The funds will cover expenses such as air travel, accommodation, and living costs.

SMU President, Professor Lily Kong, expressed gratitude for the donation, highlighting its alignment with the university’s mission to nurture globally-minded leaders. Chan-Lien, inspired by her own experiences, hopes the scholarship will foster independence and cultural awareness among students.

SMU, known for its commitment to global exposure, has over 220 partner universities worldwide. The university’s needs-blind admission policy ensures that financial hardship does not hinder deserving students from accessing education. In 2024, SMU allocated over S$10 million in financial aid, and the new scholarship further strengthens its support for students’ international experiences.

Singatac Engineering Pte Ltd, a prominent subsea fabricator in Singapore, has announced a strategic investment in Aligned Energy Pte Ltd, a pioneering green diesel manufacturer also based in Singapore. This undisclosed investment marks a significant step towards sustainable energy solutions, reinforcing Singapore’s leadership in the global green fuels market.

Singatac Engineering’s investment aligns with its commitment to environmental sustainability, supporting the development of renewable energy sources. Aligned Energy’s green diesel, derived from cultivated biomass, offers a cleaner alternative to fossil fuels, potentially reducing carbon emissions. “Our investment in Aligned Energy underscores our commitment to fostering innovative solutions that not only meet the demand for greener liquid fuels but also restore depleted land,” said Torben Fong, Managing Director of Singatac Engineering.

Founded in 2024, Aligned Energy focuses on producing advanced biofuels, with its technologies enabling efficient conversion of biomass from ex-bauxite mining sites in Indonesia into high-quality fuels. Jean-Jacques Lavigne, co-Founder and CEO of Aligned Energy, stated, “Partnering with Singatac Engineering presents a tremendous opportunity for us to implement and scale up our plans more swiftly.”

The collaboration aims to create synergies by combining Singatac’s engineering expertise with Aligned Energy’s technological innovations, enhancing the scalability and decentralisation of green diesel production. This partnership is expected to generate economic and environmental benefits, including job creation and reduced greenhouse gas emissions.

Both companies share a vision for a sustainable future, with plans to expand green diesel production in Indonesia and distribute it via Singapore, an efficient energy trading hub.

PARKTOWN Residence, Singapore’s largest integrated residential and lifestyle development, will open for public previews on 7 February 2025, with sales bookings commencing on 22 February. Developed by UOL Group Limited, Singapore Land Group Limited, and CapitaLand Development, this ambitious project is strategically located at Tampines Street 62 and features 1,193 residential units.

The development is a 99-year leasehold and offers a range of flat sizes, with prices starting at $1.07m for a one-bedroom plus study. PARKTOWN Residence is directly connected to a retail mall, the future Tampines North MRT station, a bus interchange, and a green boulevard, enhancing its appeal as a one-stop lifestyle hub.

UOL Group Chief Executive Liam Wee Sin highlighted the project’s unique integration of upscale living with high-quality amenities, stating, “PARKTOWN Residence is a fully integrated development that enfolds a green boulevard where you can feel the immensity of space within a five-hectare site.”

The development’s design draws inspiration from Tampines town’s leaf-like shape, incorporating interconnected roads, rail lines, and cycling paths. Residents will have access to a variety of facilities across four thematic zones, including two 50-metre infinity lap pools, a hydrotherapy pool, co-working lounges, and child-friendly spaces.

CLD (Singapore) CEO Tan Yew Chin emphasised the project’s vision of a nature-inspired home, noting its convenience and connectivity. The launch comes amid Singapore’s economic rebound, with UOL General Manager Anson Lim anticipating strong demand due to the area’s last private residential launch occurring in March 2019.

PARKTOWN Residence promises to be a vibrant community hub, offering an active, eco-conscious lifestyle with easy access to Pasir Ris, East Coast Park, and the Round Island Route.

The luxury non-landed property market in Singapore concluded 2024 robustly, as detailed in Huttons’ Prestige Report for the fourth quarter of 2024. Despite a stringent 60% Additional Buyer’s Stamp Duty (ABSD) on foreign buyers, the market saw 187 resale transactions, closely mirroring the 193 deals in 2023. However, new sales were notably lower due to a lack of launches and dwindling supply.

Skywaters Residences made headlines with a penthouse sale at $47.3m, or $6,100 per square foot (psf), marking the highest psf price since 2011. The Ritz-Carlton Residences Singapore Cairnhill also saw significant transactions at $5,397 psf, the highest since its 2007 launch. The total value of luxury non-landed homes sold in 2024 was $1.65b, a 29.1% decrease from 2023’s $2.33b.

The Good Class Bungalow (GCB) market rebounded with 36 sales in 2024, up from 21 in 2023. This resurgence was driven by improved economic conditions and interest rate cuts, leading to a total sales value of $1.4 billion, an 80% increase from the previous year. Notable transactions included a $93.9m GCB in Tanglin Hill, achieving a record $6,198 psf on land.

Looking ahead, the luxury non-landed homes market is poised for a strong start in 2025, with early sales in Park Nova reaching near-record highs. The market anticipates more launches and increased transactions, as more affluent individuals and new citizens establish roots in Singapore.