Regional News

Galaxy Entertainment Group (GEG) has announced the opening of a new office in Singapore, marking a significant step in its international growth strategy. The office, located in Singapore’s Central Business District, aims to strengthen ties with the Singaporean business community and promote Macau as a premier tourism and leisure destination across Southeast Asia.

The launch aligns with the Macao Special Administrative Region Government’s vision to diversify tourism offerings and expand visitor demographics. By establishing a presence in Singapore, GEG intends to curate bespoke travel experiences for Singaporean and regional travellers, ensuring seamless journeys from planning to arrival. The new office will also support tourism meetings, incentives, conferences, and exhibitions (MICE) enquiries, reinforcing GEG’s role as a leader in hospitality and business tourism.

Elmen Lee, Director of Integrated Resort Services at GEG, highlighted Singapore’s importance as a source market for Macau. “The taste and sophistication of Singaporean travellers naturally align with Macau’s experiential tourism offering,” he stated. The office aims to attract more Singaporean visitors to explore Macau’s diverse offerings.

The grand opening was celebrated with a gala dinner at JW Marriott Singapore, attended by distinguished guests and featuring performances by Hong Kong celebrities Kenneth Ma and Elaine Yiu. GEG’s flagship properties in Macau, including Galaxy Macau, Broadway Macau, and StarWorld Hotel, were showcased during the event.

GEG’s expansion into Singapore reflects its commitment to innovation, customer-centricity, and regional collaboration, aiming to enhance brand visibility and foster meaningful connections across Asia.
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GuocoLand has reported a FY25 operating profit of S$299m, a 7% year-on-year decline, largely meeting expectations. The company’s robust performance in Singapore, where operating profit rose by 15% to S$382m, helped offset challenges in China. Revenue increased by 5% to S$1.916b, driven by a 3% growth in the property development sector and a 28% rise in China due to the handover of residential units at Guoco Central Park in Chongqing.

Despite the positive figures, GuocoLand made an S$82m provision for foreseeable losses on its China development properties. The property investment business saw a 22% increase in revenue to S$281m, with high occupancy rates at Guoco Tower and Guoco Midtown. The company proposed a final dividend of 7 Singapore cents per share, reflecting a nearly 4% yield.

Looking ahead, GuocoLand plans to launch four new residential projects in Singapore, including Faber Residence and Penrith at Margaret Drive, which are expected to sustain earnings. The company is also set to open Lentor Modern mall in January 2026, which already has an 85% commitment rate.

In China, GuocoLand faces ongoing challenges, particularly in residential developments. The company has recognised additional provisions due to pricing adjustments within regulatory limits. However, management remains optimistic about China’s long-term potential and is committed to a disciplined approach in capital deployment.

GuocoLand maintains a “Buy” rating with a revised target price of S$2.50, reflecting a 45% discount to its revalued net asset value. The company continues to explore monetisation opportunities to unlock further value from its portfolio.
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IHH Healthcare, one of Asia’s largest healthcare service providers, is set to expand its operational bed capacity by 33% by 2028, adding approximately 4,000 beds across key markets. This strategic move aims to drive a 10% compound annual growth rate in hospital and healthcare revenue. The expansion will primarily focus on India, Malaysia, and Türkiye, with significant developments also planned for Europe and Hong Kong. In Singapore, the company will establish over five new clinics and launch two new ambulatory care centres.

The company reported a healthy operational performance in the second quarter of 2025, despite facing currency translation losses. IHH’s revenue rose by 7% year-on-year to MYR6.4b, with an EBITDA increase of 2% year-on-year. The company maintained its EBITDA margins at 22%, a testament to its efficient management and strategic expansion plans.

IHH’s “out of hospital” strategy is designed to ease payer pressure, preserve margins, and enhance return on equity by shifting low-acuity treatments to day-care settings. This approach reduces average treatment costs and addresses insurer concerns over routine case inflation. “By diverting low-acuity, high-volume treatments with shorter lengths of stay into day-care settings, IHH lowers average treatment costs,” the company stated.

Despite insurer pressures, IHH’s margins are expected to remain resilient, supported by cost efficiencies and a better case mix. The company continues to focus on complex surgical cases, which are expected to maintain margins within the 22%–24% range.

IHH Healthcare’s diversified footprint and strong growth prospects underpin its earnings resilience, with a target price raised to $1.82 (MYR8.60/S$2.61). The company operates over 80 hospitals in 10 countries, including brands like Acibadem, Mount Elizabeth, and Gleneagles.
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MetaOptics Ltd, a Singapore-based designer and manufacturer of meta-optics components, has registered its offer document for the listing of its ordinary shares on the Catalist Board of the Singapore Exchange (SGX). The company plans to place 30 million shares at S$0.20 each, with trading expected to commence on 9 September 2025. ZICO Capital Pte Ltd is acting as the sponsor, issue manager, and placement agent for the initial public offering (IPO).

The company, established in 2021, is the first pure-play metalens firm to seek a public listing, highlighting its ambition to transform the metalens supply chain for leading technology companies. MetaOptics utilises semiconductor processes and direct laser writing technologies to produce glass-based colour metalenses, which are used in a variety of applications including smartphones, laptops, and augmented reality devices.

The global optical metalens market is projected to grow significantly, with a compound annual growth rate (CAGR) of 74.8% from 2024 to 2029, reaching a market size of $4.93 billion by 2029. In Singapore, the market is expected to grow from $12.45 million in 2019 to $24 million by 2029, with a CAGR of 93.7% from 2024 to 2029.

MetaOptics plans to use the proceeds from the IPO for product development, business expansion, and working capital. The company aims to expand its product range and fabrication capacities, focusing on miniaturising devices and integrating metalenses into a broader range of applications. Executive Chairman and CEO Mark Thng stated, “Our upcoming listing on SGX marks a transformative milestone for MetaOptics, further solidifying our foundation to advance R&D, expand our global footprint, and accelerate growth.”

With secured purchase orders and increasing design wins, MetaOptics is poised to capture the expanding market in smart devices, IoT, and next-generation optical systems. The company ranks third globally among metalens companies with mass production capabilities and aims to continue leading in innovative optical solutions.
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The rise of generative AI and large language models is transforming the data centre industry, with a significant shift towards hyperscale facilities. UOB Kay Hian’s latest report highlights that these expansive data centres, which offer unmatched efficiency and scalability, are becoming essential to meet the growing computational demands of AI technologies. The report maintains an “OVERWEIGHT” rating on the sector, recommending a “BUY” for Keppel DC REIT (KDCREIT) and Digital Core REIT (DCREIT), whilst downgrading Mapletree Industrial Trust (MINT) to “HOLD”.

Hyperscale data centres, characterised by their large power capacities of 20-50MW and above, are increasingly favoured due to their ability to support high-density computing. According to Synergy Research, the number of such centres rose by 144 to 1,136 in 2024, with major cloud providers like Amazon Web Services, Google Cloud, and Microsoft Azure accounting for 59% of this capacity. This trend is expected to continue, with hyperscale capacity projected to double every four years.

The report also notes the emergence of gigawatt data centres, with significant investments from tech giants like Meta Platforms and joint ventures such as Stargate. These facilities require dedicated power plants to support their massive energy needs.

Singapore is well-positioned to benefit from this trend, given its status as a connectivity hub with low latency applications. However, the city-state faces challenges due to power constraints and a tight vacancy rate of 2%. The government aims to invest at least $7.3b (S$10b) to enhance its infrastructure, supporting the burgeoning AI applications.

As the demand for AI-ready data centres grows, the leasing model is gaining traction among hyperscalers, offering a more flexible and cost-effective approach. This shift is expected to reshape the data centre landscape, with enterprise on-premises data centres projected to decline in capacity share.
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Singaporeans are embracing technology this holiday season, with a significant shift towards artificial intelligence (AI) and advertisements as key shopping aids. According to the 2025 Holiday Shopping Report by Integral Ad Science (IAS), 74% of Singaporeans are using AI for gift inspiration, whilst 77% find advertisements helpful in their purchasing decisions.

The report highlights a transformation in shopping habits, with traditional wish lists being replaced by algorithms and targeted ads. Despite economic pressures, the festive spirit remains strong, as 57% of Singaporeans plan to increase their holiday spending, and 66% are keen on finding discounts.

Mobile devices are set to dominate the shopping experience, with 71% of consumers planning to use them for most of their purchases. E-commerce sites, social media, and video platforms are the top channels for festive shopping, with 64%, 61%, and 47% of Singaporeans respectively turning to these platforms.

The report also notes that half of the shoppers begin their holiday shopping as early as August, with spending peaking in November. Discounts are a major motivator for 74% of shoppers, whilst festive content and family recommendations also play a significant role.

Laura Quigley, Senior Vice President of APAC at IAS, commented, “Singapore’s holiday shopping season is increasingly shaped by precision and timing. Our data shows impressions alongside holiday content surge by 150% between November 15 and December 3, a clear signal for brands to frontload their campaigns.”

As AI and ads continue to influence consumer behaviour, brands have a unique opportunity to convert consumer interest into meaningful sales outcomes this festive season.
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Seatrium, a Singapore-based integrated shipyard, is currently embroiled in arbitration proceedings initiated by Keppel Offshore & Marine over a S$68.4m claim linked to Brazil’s Operation Car Wash. This follows the expiration of an indemnity agreement between the two companies in February 2025. Despite this legal challenge, Seatrium has secured over S$300m in new contracts this August, bolstering its position in the offshore oil & gas and renewables sectors.

The arbitration stems from a merger agreement in 2023, where Seatrium had initially set aside S$82.4m for indemnity provisions. However, these were reversed in 2024 due to the absence of binding agreements with Brazilian authorities before the indemnity’s expiration. The arbitration will be held in Singapore, though a date has not yet been set.

On a more positive note, Seatrium has been awarded significant contracts, including the integration of four powerships for Karpowership of Turkey, with an option for two more. This project, valued at approximately S$50m per vessel, is set to commence in the first quarter of 2027. Additionally, Seatrium has secured a contract from Golar LNG to upgrade the FLNG Hilli Episeyo vessel, estimated at S$100m, starting in the third quarter of 2026.

Seatrium’s robust S$18.6b orderbook, with a pipeline of S$30b, underscores its strategic focus on offshore, renewables, and energy transition projects. The company remains committed to converting these opportunities into secured orders, leveraging its expertise in series-build efficiencies and operational streamlining. Despite the arbitration, Seatrium’s outlook remains positive, with a target share price of S$2.96, reflecting a 29.3% upside.
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ICH Asset Management (ICHAM) has unveiled the ICHAM Defined Growth Fund, Asia’s first open-ended fund dedicated to autocall structured products. Exclusively available to accredited and institutional investors, the fund aims to deliver annualised returns of 9-10% in US dollars. It combines the benefits of structured products with the flexibility of a Singapore Variable Capital Company (VCC) subfund, offering a transparent fee structure and monthly liquidity.

The fund seeks to enhance diversified equity portfolios by providing capital growth with lower volatility compared to global public equities. “Our fund addresses a significant gap in the market by providing accredited and institutional investors with access to a professionally managed portfolio of autocall structured products,” said Archan Chamapun, CEO of ICHAM. The fund’s structure reinvests coupons and proceeds from matured investments, available in both US dollar and Singapore dollar-hedged share classes.

Felix Chew, lead portfolio manager, highlighted the fund’s strategy of using index-linked structured notes to diversify equity and counterparty risks. This approach aims to transform structured products from opportunistic investments into scalable long-term solutions. The fund employs a systematic investment framework, focusing on capital preservation and competitive pricing.

The ICHAM Defined Growth Fund offers compelling cost savings through its transparent fee structure, eliminating high and opaque transaction fees typical of private banking offerings. Financial advisers can benefit from the fund’s single-ticket solution, simplifying portfolio management for clients. Investors can subscribe to the fund through ADDX, a digital platform regulated by the Monetary Authority of Singapore.
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The Singapore Land Authority has announced a revision in the Land Betterment Charge (LBC) rates, effective from 1 September 2025 to 28 February 2026. The changes, determined in consultation with the Chief Valuer, show varied increases across different use groups, with the most significant rise seen in Use Group E, which includes places of worship and civic institutions, at 2.9%.

The LBC rates for Use Group D, covering industrial properties, rose by 1.6% on average. This increase follows a period of stability and is attributed to several large transactions that have highlighted the asset class’s attractive yields. Use Group B2, which includes non-landed residential properties, saw a 0.7% increase, reflecting stronger participation in state land tenders and a rebound in new home sales due to lower interest rates.

In the commercial sector, Use Group A experienced a marginal rise of 0.1%, a slowdown from the previous 0.6% increase. Notably, only four out of 118 sectors saw a 3.3% increase, with the rest remaining unchanged. Meanwhile, Use Group B1, which pertains to landed residential properties, saw a modest 0.4% increase, indicating rising demand in traditional landed enclaves.

Tricia Song, CBRE Head of Research for Southeast Asia, commented on the revisions, noting that the adjustments reflect ongoing trends in the real estate market. The revisions are part of a regular half-yearly review process aimed at aligning LBC rates with current market conditions. The next review is expected in March 2026.
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Singapore’s industrial sector showed resilience in July 2025, with the Industrial Production Index (IPI) climbing 7.1% year-on-year, according to a report by CGS International. This growth, which outperformed Bloomberg’s forecast of 0.9%, was primarily propelled by the electronics cluster, which expanded by 13.1% year-on-year. However, the sector faces potential challenges due to impending US tariffs on semiconductor imports.

The electronics cluster, a significant contributor to the IPI, saw semiconductor production rise by 9.6% year-on-year, bolstered by global demand for chips used in artificial intelligence, data centres, and consumer electronics. Despite this growth, the announcement of 100% tariffs on chip imports by the US could impact future momentum. “We think it is too early to gauge the full impact until more clarity emerges on how the policy will be implemented,” the report noted.

Other sectors also contributed to the robust performance. The transport engineering cluster grew by 15.8% year-on-year, with the aerospace segment experiencing a 22.7% surge, driven by increased production of aircraft parts and maintenance demand from commercial airlines.

However, the general manufacturing sector contracted by 9.7% year-on-year, reflecting broader trade uncertainties. Singapore’s Manufacturing Purchasing Managers’ Index (PMI) dipped to 49.9 in July, indicating contraction, although the electronics PMI remained in expansion at 50.2.

Looking ahead, CGS International maintains its IPI forecast at 3.0% year-on-year for 2025, citing ongoing tariff uncertainties as a potential risk to the manufacturing outlook.
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