Regional News

Singapore’s Housing Development Board (HDB) has unveiled plans to transform Mount Pleasant into a unique housing estate, blending modern homes with conserved heritage sites. The 33-hectare area, previously home to the Old Police Academy, will offer approximately 6,000 new flats, an increase from the initially planned 5,000, to meet rising housing demands.

The first Build-To-Order (BTO) project, Mount Pleasant Crest, is set to launch in October 2025, featuring 1,350 units ranging from 2-room Flexi to 4-room flats, alongside 270 public rental units. This development aims to cater to diverse housing needs, including those of young families wishing to reside near their parents.

Significant efforts have been made to preserve the site’s historical value. Six buildings, including Blocks 1, 2, 27, and 28, will be repurposed for community use, such as a Neighbourhood Police Post and a heritage gallery. The former parade square will be retained as a public space, and elements from the Old Police Academy will be incorporated into the estate’s design.

The estate will feature a car-lite environment with seamless transport connectivity, including the new Mount Pleasant MRT station. Roads will pay homage to the area’s history, with names like “Old Police Academy Road.” Residents will benefit from extensive green spaces, cycling paths, and pedestrian walkways, promoting a sustainable and pleasant living environment.

As Mount Pleasant develops, it promises a blend of modern living with rich historical and natural elements, offering residents a unique and vibrant community.
“`

The Energy Market Authority (EMA) of Singapore has appointed Mott MacDonald Singapore Pte Limited to conduct a comprehensive study on the safety and technical feasibility of advanced nuclear energy technologies. The study, initiated through a tender in December 2024, will focus on evaluating small modular reactors (SMR) based on their safety features, technology maturity, and commercial readiness.

Mott MacDonald, with over 60 years of experience in the nuclear energy sector, will lead the study. The firm has a strong track record in providing technical, regulatory, and policy advisory services to both technology developers and government agencies, particularly in the areas of advanced nuclear energy technologies and nuclear safety analysis.

Despite no current plans to deploy nuclear energy, Singapore is keen to enhance its understanding of advanced nuclear technologies. The EMA emphasises the importance of building capabilities and collaborating with experts to assess nuclear energy’s potential role in Singapore’s energy landscape. Any future decision to adopt nuclear energy will be carefully evaluated against criteria such as safety, reliability, affordability, and environmental sustainability.

The EMA, a statutory board under the Ministry of Trade and Industry, is committed to fostering a clean, resilient, and competitive energy future for Singapore. Through initiatives like this study, the EMA aims to ensure a reliable energy supply, promote competition in the energy market, and develop a dynamic energy sector.
“`

Travelex has introduced its Same Rate Guarantee at Singapore’s Changi Airport, allowing customers to sell back unused travel money at the same exchange rate they initially purchased it. This service, available for a fee of $7.30 (S$10), covers all major currencies and is valid for 21 days from the original transaction date.

The initiative addresses the issue of unspent foreign currency, with research indicating that billions of dollars remain unused in households worldwide. In the UK, for example, households hold over $3.41 billion (S$4.67 billion) in leftover currency. The Same Rate Guarantee, already available in the UK, aims to encourage travellers to return unused currency to circulation and offers peace of mind against market volatility.

Batu Dölay, Managing Director of Travelex Middle East, Türkiye, and South-East Asia, stated, “Holidaymakers often put off selling their unused travel money due to variable exchange rates. With our Same Rate Guarantee, Travelex is offering customers the peace of mind to travel and spend as they wish, knowing they can sell back their original currency at the same rates.”

Travelex has been operating at Changi Airport since 2016 and currently has 15 locations across arrivals, departures, and the transit area. Changi Airport, a major transport hub in Southeast Asia, welcomed 67.7 million passengers in 2024, marking a 15% increase from the previous year. This new service is expected to enhance the travel experience for passengers by providing a convenient financial solution.
“`

Swiss sportswear brand On and Emmy-winning actress Zendaya have unveiled a new campaign, “Be Every You,” which celebrates the duality of identity and the freedom to express every facet of oneself. The Zendaya Edition is now available at On Store Singapore, Jewel Changi, and online at on-running.com/sg.

The campaign, launched on 9 September 2025, features Zendaya as both muse and creative collaborator, aligning with On’s mission to empower individuals through movement.

Zendaya expressed the personal significance of the campaign, stating, “Movement has always been a part of how I connect with myself, and movement looks different for everyone. This story felt personal—a reminder that we are all multifaceted beings, with so many brilliant pieces that ultimately make up who we are.”

A standout feature of the campaign is the Cloudzone Moon, Zendaya’s first co-created trainer with On. The trainer combines a breathable mesh upper and supportive heel with CloudTec® cushioning for all-day comfort. The accompanying apparel collection includes versatile pieces such as structured bomber jackets, sleek bodysuits, and coordinating track sets, designed to transition seamlessly from studio to street.

This collaboration marks a significant step for On, a brand founded in the Swiss Alps in 2010, known for its innovative approach to premium footwear and apparel. With a presence in over 80 countries, On continues to inspire a global audience to explore and embrace movement in all its forms.
“`

The Singapore Business Federation (SBF) has announced a groundbreaking partnership with six major organisations to launch the world’s first generative AI tool dedicated to global trade advisory. The announcement was made during a seminar titled ‘Navigating US Tariff: Adapt and Advance’ held at the Orchard Hotel Singapore, attended by nearly 600 business leaders, policymakers, and trade experts.

The Centre for the Future of Trade and Investment (CFOTI), established by SBF in 2024, has partnered with DBS Bank Ltd, DHL Express (Singapore), Pacific International Lines, PwC Singapore, Rajah & Tann Singapore LLP, and Temasek Foundation. This collaboration aims to enhance regional trade connectivity and develop practical solutions for businesses facing the complexities of the current global trade environment.

A key highlight of the seminar was the introduction of the Trade AI Adviser (TAIA), a generative AI tool designed to simplify complex trade regulations. TAIA provides clear guidance on free trade agreements, tariffs, and compliance requirements, leveraging SBF’s extensive database. This tool is expected to help businesses unlock opportunities and maintain competitiveness.

Deputy Prime Minister Gan Kim Yong, who graced the event, emphasised Singapore’s commitment to strengthening enterprise resilience amidst global tariff shifts. He highlighted ASEAN’s role as a robust hub for production and trade, urging businesses to adapt supply chains and seize regional opportunities.

The seminar also featured a business panel discussion moderated by Chen Ze Ling from DBS Bank, focusing on strategic responses to tariff challenges. The event underscored the importance of collaboration between government and industry to navigate complex trade environments and seize regional opportunities.

SBF Chairman S. S. Teo remarked, “With CFOTI, we are creating an ecosystem where businesses, policymakers, and thought leaders can experiment, exchange ideas, and co-develop solutions.” The initiative aims to position companies for long-term success in the dynamic global trade landscape.
“`

The Singapore bunker fuel market is set to expand substantially, with projections indicating it will reach $24.5b by 2030, according to Allied Market Research. This growth is largely attributed to the rising demand for maritime trade and the strategic importance of Singapore as a global shipping hub. The market’s expansion is expected to be driven by the increasing number of vessels requiring refuelling services in the region.

Singapore’s position as a leading port city makes it a critical player in the global shipping industry. The anticipated growth in the bunker fuel market underscores the country’s pivotal role in facilitating international trade. As the demand for shipping services continues to rise, the need for efficient and reliable fuel supply chains becomes increasingly crucial.

The market’s growth is also influenced by advancements in fuel technology and the push towards more sustainable and environmentally friendly fuel options. This shift is expected to drive innovation within the industry, as companies strive to meet new regulatory standards and reduce their environmental impact.

In conclusion, the Singapore bunker fuel market’s projected growth to $24.5 billion by 2030 highlights the country’s strategic importance in global maritime trade. As the industry evolves, Singapore is poised to maintain its leadership position, adapting to new challenges and opportunities in the ever-changing shipping landscape.
“`

Singapore’s early-stage emerging tech startups experienced a 14% increase in deal volume in 2024, despite an 8% decline in overall funding, according to SGInnovate’s latest report. The growth was driven by strong global demand for computing hardware innovation and decarbonisation solutions, particularly in the Advanced Manufacturing and Sustainability sectors.

The report, which examines developments in Singapore’s tech startup ecosystem, also introduced a new focus on Cybersecurity startups. This sector has gained prominence due to increasing cyber threats from technologies like generative AI and quantum computing. Between 2020 and 2024, 68 Cybersecurity startups were established in Singapore, with 42% successfully securing funding. In 2024, these startups raised $42.5m across 10 deals, although funding rounds still lag behind global averages.

The report further noted a 56% increase in intermediate funding rounds, such as Seed+ and Pre-A, as startups sought to extend their capital runways amidst uncertain market conditions. The number of new tech startups remained stable, with 27 incorporations in 2024 compared to 25 in 2023.

SGInnovate’s Executive Director of Investments, Tong Hsien-Hui, commented on the resilience of Singapore’s tech ecosystem, stating, “Given the sustained global discourse surrounding trade, technological sovereignty, energy security and climate change, it was expected that the Advanced Manufacturing and Sustainability sectors have attracted strong investor interest over the past year.”

Looking ahead, the report suggests that private markets may remain cautious due to geopolitical uncertainties, but this could spur innovation in areas like photonics and semiconductors. The demand for renewable energy solutions is also expected to rise, potentially boosting Singapore’s tech ecosystem further.

Global Asset Solutions is set to reopen its Singapore office following a strategic merger with Perceptions Hospitality, a local hotel asset management group. This move will significantly bolster the company’s presence in the region, adding expertise from nearly 60 luxury and upper-upscale hotels.

The merger sees Douglas Louden, previously a principal at Perceptions Hospitality, joining Global Asset Solutions as Managing Partner AP. He will be accompanied by analysts Irene Pham and Bui Truong Chien, and consultant Atul Bhalla. Alex Sogno, CEO of Global Asset Solutions, expressed enthusiasm about the merger, stating, “This merger represents an exciting milestone in our growth, and we are delighted to welcome Douglas and his team into the Global Asset Solutions family of experts.”

The reopening of the Singapore office is part of a broader strategy to deepen the company’s footprint in Asia, a region identified as central to growth and innovation in the luxury hotel sector. Global Asset Solutions has recently managed iconic assets such as The Peninsula Hong Kong and the Park Hyatt Melbourne, highlighting the increasing complexity and attractiveness of luxury hotels as an asset class.

The company reported a 35% year-on-year growth in EBITDA for FY2024 across its asset-managed portfolio, which includes prestigious hotels like the Rosewood Phnom Penh and the Four Seasons Madrid. This growth underscores the importance of specialist independent asset managers in enhancing hotel performance through effective collaboration.

Looking ahead, Global Asset Solutions plans to continue its expansion in Asia, with Louden stating, “I have a great respect for what they have achieved and look forward to working more closely with them as they grow.”
“`

Oxley Holdings Limited has announced the completion of its proposed sale of Phu Thinh Land Co., Ltd, a Vietnamese company in which it initially held an 80% stake, later reduced to 18%. The sale, finalised on 8 September 2025, marks Oxley’s exit from Phu Thinh, with the group set to receive approximately $9.5 million (VND240 billion) from the transaction.

The sale is part of Oxley Holdings’ ordinary course of business and is not anticipated to significantly affect the company’s net tangible assets per share or earnings per share for the financial year ending 30 June 2026. The transaction does not involve any direct or indirect interest from the company’s directors or controlling shareholders, except through their shareholdings in Oxley Holdings.

Executive Chairman and CEO, Ching Chiat Kwong, confirmed the completion of the sale, which follows previous announcements made by the company on 27 April 2022, 15 August 2022, and 14 February 2025. This strategic move aligns with Oxley Holdings’ ongoing efforts to streamline its portfolio and focus on core business areas.
“`

GS Holdings Limited has announced that its wholly-owned subsidiary, Octopus Distribution Networks Pte. Ltd. (ODN), has entered into an agreement to acquire the distribution business of LHA Food & Beverages Pte. Ltd. This acquisition, valued at approximately $2.2 million (S$3 million), grants ODN exclusive rights to distribute five prominent beer brands, including Corona and Budweiser, within Singapore.

The agreement, finalised on 8 September 2025, allows ODN to distribute Corona and Budweiser, two of the top 11 global beer brands, alongside 11 Degree Premium Yanjing Beer and the trademarks for RÖSSL BIER and COMO BERE. This move is set to enhance ODN’s distribution capabilities, integrating upstream from wholesale to a broader customer base.

The acquisition includes not only the distribution rights but also existing customer databases, contracts, licences, permits, inventories, and relevant intellectual properties from LHA’s business. The final consideration will be adjusted based on the inventory value at the completion date.

This strategic acquisition aligns with ODN’s goal of developing proprietary brands, leveraging the RÖSSL BIER and COMO BERE trademarks. Currently, ODN manages over 1,500 products from 200 global brands. The transaction follows GS Holdings’ acquisition of ODN in May 2025 for $8.6 million (S$11.8 million), marking a significant step in expanding its distribution network across Singapore.

Loo Hee Guan, Executive Director and Acting CEO of GS Holdings, expressed enthusiasm about adding these leading beer brands to their portfolio, highlighting the company’s commitment to exploring further business opportunities and regional expansion.
“`