Regional News

The Housing and Development Board has closed tenders for two significant land sites, with OrangeTee-Realion providing insights into the outcomes. The Chencharu Close site, part of the H2 2024 Government Land Sales (GLS) programme, received three bids, with the highest from Evia MCS Pte. Ltd., Gamuda (Singapore) Pte. Ltd., and H108 Pte. Ltd. at $1.013b, or approximately $980 per square foot per plot ratio (psf ppr). This bid was 19.8% higher than the next highest offer from Phoenix Property 1 Pte. Ltd. and Phoenix Property 2 Pte. Ltd., which stood at S$845 million or about $818 psf ppr.

The Chencharu Close site is notable for its potential to yield around 875 residential units and 13,000 square metres of commercial space. The location is set to become a vibrant hub with a hawker centre, bus interchange, and retail amenities, enhancing its appeal. Its proximity to Khatib MRT and recreational facilities like HomeTeamNS Khatib and Peiying Primary School adds to its attractiveness.

Justin Quek, CEO of OrangeTee, noted the limited supply of private homes in Yishun, suggesting pent-up demand for new units.

Meanwhile, the Sembawang Road executive condominium (EC) site, part of the H1 2025 GLS programme, attracted four bids. The top bid came from Oriental Pacific Development Pte. Ltd. at $197.78m, or roughly $692 psf ppr, which was 4% higher than the next bid from TID Residential Pte. Ltd.

This site is strategically located near Canberra MRT and Canberra Plaza, making it ideal for families.

OrangeTee noted that the last EC land parcel in Sembawang was sold in 2019, and with no new EC launches since, there is a scarcity of EC supply in the area. The expected demand from HDB upgraders, coupled with the popularity of recent EC projects, underscores the site’s potential.

The tender for the mixed-use site at Chencharu Close, which closed on 11 September, received only three bids despite recent strong take-up at new launches and better-than-expected economic performance.

Tricia Song, CBRE Head of Research, Southeast Asia, noted that the top bid exceeded expectations, highlighting mixed sentiments among developers.

The site, located within the Yishun HDB Township, is set to integrate a hawker centre and bus interchange, making it the second-largest mixed-use project in the North after North Park Residences and Northpoint City.

The top bid of $1.013 billion, or $980 per square foot per plot ratio (psf ppr), was submitted by a consortium of Evia Real Estate, Gamuda Berhad, and Ho Lee Group. This bid was nearly 20% higher than the second-highest bid and 46% above the third, indicating varied interest levels.  CBRE noted that the site’s large size and complexity might have deterred some developers due to higher developmental risks.

In comparison, a similar mixed-use site at Tampines Avenue 11 was awarded for $885 psf ppr in July 2023, when market sentiment was weaker. The Tampines site, launched as Parktown Residence in February 2025, saw robust sales, moving 87% of its units at an average price of $2,360 psf over its launch weekend.

The Chencharu Close project, benefiting from its proximity to Khatib MRT and local amenities, could see strong demand from potential upgraders in nearby Yishun HDB estates. The future project is expected to launch at an average price of $2,450-2,550 psf.

The Housing Development Board (HDB) has announced the tender results for two government land sales (GLS) sites, an executive condominium (EC) plot on Sembawang Road and a mixed-use site at Chencharu Close in Yishun. These sites could potentially yield 265 new EC units, 875 private homes, and approximately 13,000 square metres of commercial space.

Despite recent optimistic land bids, these sites attracted moderate interest due to location and development size.

The Sembawang Road EC site, which can offer 265 units, received four bids. The highest bid of $197.8 million came from JBE Holdings’ Oriental Pacific Development, translating to a land rate of $692 per square foot per plot ratio (psf ppr). This bid was 4% higher than the second bid from TID Residential but significantly higher than the lowest bid from Sim Lian.

Wong Siew Ying, Head of Research and Content in PropNex, noted that the site’s distance from Canberra MRT station and limited amenities may have contributed to the cautious bidding.

On the other hand, the Chencharu Close site, which can yield 875 residential units and commercial space, attracted three bids. The top bid of $1.01 billion was submitted by Evia Real Estate, Gamuda, and Ho Lee Group, translating to $980 psf ppr.

PropNex noted that this bid was notably higher than the other two, reflecting differing developer assessments of the site’s potential. The location near Khatib MRT station and integration with a hawker centre and bus interchange are seen as advantages.

Both sites are expected to attract interest from HDB upgraders and first-time homebuyers, with estimated selling prices above $1,700 psf for Sembawang and $2,300 psf for Chencharu. The developments are anticipated to become focal points in their respective areas, drawing residents and visitors alike.

Cosco Shipping International (Singapore) Co., Ltd has announced a renounceable, non-underwritten rights issue involving 2.24b new ordinary shares. This significant move aims to bolster the company’s capital, allowing for strategic financial reallocation and utilisation of the proceeds from the rights issue.

The rights issue is part of of the company’s broader strategy to enhance its financial flexibility and support future growth initiatives. By offering existing shareholders the opportunity to purchase additional shares, the company seeks to strengthen its capital base without the need for underwriting, which typically involves third-party financial backing.

This announcement is crucial for investors as it indicates Cosco Shipping’s commitment to expanding its capital resources. The reallocation and use of the proceeds from this rights issue will be pivotal in driving the company’s future projects and maintaining its competitive edge in the shipping industry.

The rights issue reflects Cosco Shipping’s proactive approach to managing its financial health and ensuring long-term sustainability. As the company navigates the complexities of the global shipping market, this capital expansion is expected to provide the necessary resources to adapt and thrive amidst industry challenges.

CapitaLand Commercial C-REIT (CLCR) has set a new benchmark in the retail C-REIT sector in China with its initial public offering (IPO), achieving a staggering 254.5 times subscription from offline institutional investors. The IPO, which also garnered significant retail interest, closed ahead of schedule with a 535.2 times subscription rate for the public tranche.

Issuing 400 million units at RMB5.718 each, CLCR raised RMB2.29b (S$409m), surpassing its initial target of RMB2.14b (S$382m) by 7%.

CapitaLand Investment (CLI), CapitaLand China Trust (CLCT), and CapitaLand Development (CLD) will collectively hold 20% of the IPO units. Cornerstone investors secured 40.11%, whilst offline institutional investors were allocated 27.92% in the bookbuilding tranche. The remaining 11.97% was subscribed by retail and institutional investors.

Scheduled to begin trading on the Shanghai Stock Exchange by the end of September 2025 under the ticker code 508091, CLCR will be China’s first international-sponsored retail C-REIT. This listing is part of CLI’s strategy to enhance its balance sheet and expand its REIT management platform into China, reinforcing its position as Asia Pacific’s largest REIT manager by market capitalisation.

CLCR’s initial portfolio includes CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha, valued at approximately RMB2.6b. These assets, located in prime areas, boast a 96% occupancy rate as of 31 March 2025. CLI will continue to manage these properties, leveraging its operational expertise to maximise value for investors.

Moody’s Ratings has reaffirmed the Aaa long-term issuer rating and aaa Baseline Credit Assessment (BCA) of Temasek Holdings, maintaining a stable outlook. This decision reflects Temasek’s strong credit quality, bolstered by consistent dividend income and a substantial, high-quality investment portfolio.

Rachel Chua, a Moody’s Vice President and Senior Analyst, highlighted that Temasek’s major investee companies possess strong investment-grade credit qualities.

Temasek is expected to uphold a conservative financial profile over the next 12 to 18 months, with net debt to market value of its portfolio assets, excluding cash, remaining below 5% and funds from operations interest coverage above 15 times.

The company, wholly owned by the Singapore Government through the Minister for Finance, maintains a net cash position as of March 2025.

Despite its government ownership, Temasek operates independently, with over half of its portfolio denominated in Singapore dollars and 27% of its assets based in Singapore. This alignment with government interests supports its Aaa rating. The company’s excellent liquidity, with substantial cash reserves and liquid securities, ensures strong debt service coverage, mitigating potential cash flow volatility.

Moody’s notes that Temasek’s ratings benefit from its 100% government ownership, reflecting high support and dependence. The stable outlook anticipates that Temasek will continue its prudent investment and funding strategies. However, any aggressive investments or deterioration in cash resources could impact its BCA. The rating, being Aaa, cannot be upgraded further.
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SoftBank Group Corp. (SBG) has announced a strategic move to consolidate its influence over Line Man Corporation (LMWN) by converting it into a consolidated subsidiary. This decision involves acquiring shares to gain substantial control over LMWN, which operates primarily in Thailand’s food delivery and digital solutions sectors.

The consolidation will see LY Corporation, a subsidiary of SBG, acquiring shares from Apfarm Investment and Gamnat through Line Southeast Asia Corp. (LSEA).

The move is aimed at bolstering collaboration with LMWN, which is already an equity method associate of LY. The acquisition will increase LY’s voting rights in LMWN from 41.8% to 49.9%, with plans to further raise this to 61.1% by the end of December 2025, subject to regulatory approvals in Singapore and Thailand.

This strategic consolidation is significant for SBG as it seeks to expand its footprint in the competitive on-demand services market in Southeast Asia. The integration of LMWN and its subsidiaries as specified subsidiaries of SBG underscores the group’s commitment to strengthening its operational capabilities and market presence in the region.

Centurion Corporation Limited has announced the lodgement of the preliminary prospectus for its proposed Centurion Accommodation Real Estate Investment Trust (REIT) with the Monetary Authority of Singapore. This marks a significant step towards the potential listing of the REIT, although the company has cautioned that there is no certainty the transaction will proceed as described.

The preliminary prospectus outlines the proposed structure and details of the REIT, but Centurion has advised shareholders and potential investors to exercise caution. The company emphasised that the transaction’s occurrence is not guaranteed and urged stakeholders to consult professional advisers if in doubt.

The company has reiterated that the information in the preliminary prospectus is subject to change and that any investment decisions should be based solely on the final prospectus once it is registered.

Tiong Bahru Bakery (TBB) has reopened its Eng Hoon Street flagship on 26 September 2025, marking a significant milestone in its brand transformation. The outlet, which first opened in 2012, now features a refreshed interior, an expanded menu, and a new brand identity, setting the stage for TBB’s future growth.

The revamped Eng Hoon store introduces Singapore’s first Kouign Amann soft-serve, alongside new menu items like the Shio Pan series and Mango Sticky Rice Danish. This transformation is part of a broader brand refresh that will be rolled out across all TBB outlets in Singapore and beyond.

The bakery’s new visual identity, crafted by Foreign Policy Design Group, includes a new logo and illustration style inspired by the Tiong Bahru neighbourhood’s 1930s architecture.

Matt McLauchlan, General Manager of Tiong Bahru Bakery, stated, “We wanted our Eng Hoon flagship to reflect where the brand is today — and where we’re headed.”

The redesigned space, created in collaboration with H Creates, balances style and efficiency, featuring a central display cabinet and warm custom lighting.

With 19 outlets in Singapore and its first international opening in Manila earlier this year, TBB is poised for further regional expansion over the next five years.

The Inland Revenue Authority of Singapore (IRAS) has announced a significant achievement in its annual report for the financial year 2024/25, collecting $88.9b in tax revenue. This marks a 10.7% increase from the previous year, driven by robust economic growth and increased consumer spending. The revenue collected represents about 76.9% of the Singapore Government’s Operating Revenue and 12.2% of the nation’s Gross Domestic Product, underscoring its critical role in funding public services and social programmes.

Corporate Income Tax (CIT) was the largest contributor, rising by 6.7% to $30.9b, whilst Goods and Services Tax (GST) followed at $20b, reflecting higher consumer spending and a GST rate adjustment.

Individual Income Tax (IIT) also saw an increase, reaching $19.1b due to higher wages and more taxpayers. Property Tax and Stamp Duty contributed $6.6b each, with Stamp Duty rising from $5.8b the previous year, attributed to increased property transactions.

In addition to tax collection, IRAS processed over $1.3b in grants to support approximately 127,500 businesses. Key schemes included the Progressive Wage Credit Scheme, Senior Employment Credit, and CPF Transition Offset, aimed at providing wage support and helping businesses adjust to cost increases.

IRAS is also advancing digital solutions to streamline tax processes. Initiatives such as the GST InvoiceNow Requirement and the expansion of eGIRO services aim to enhance efficiency and compliance. The upgraded myTax Portal offers a more intuitive experience, reinforcing IRAS’s commitment to digital transformation.

Despite high compliance rates, IRAS remains vigilant against tax evasion, auditing over 8,600 cases and recovering $507m in taxes and penalties in FY2024/25.