Regional News

Singapore and China have signed a Memorandum of Understanding (MoU) to create the Singapore–China Green and Digital Shipping Corridor (GDSC). The agreement, signed on 19 October by Singapore’s Acting Minister for Transport, Jeffrey Siow, and China’s Minister of Transport, Liu Wei, elevates their cooperation to a national level, building on previous agreements with Tianjin and Shandong.

The MoU outlines plans for both nations to collaborate with industry stakeholders to advance maritime decarbonisation and improve port and supply-chain efficiency. The initiative will focus on developing technologies, infrastructure, and standards to foster a sustainable and connected maritime ecosystem. Additionally, the corridor aims to enhance digitalisation in maritime operations by promoting data-driven systems to boost efficiency, resilience, and transparency across the maritime value chain.

Both countries will leverage their strengths in manufacturing, supply chain ecosystems, regulatory frameworks, and financial capabilities to drive innovation and implement green and digital initiatives effectively. The establishment of the GDSC highlights the shared commitment of Singapore and China to foster innovation, enhance maritime connectivity, and support the global transition towards a more efficient, resilient, and sustainable maritime sector.

AJJ Medtech Holdings Limited has announced that its subsidiary, AJJ Healthcare Management Pte Ltd, has been awarded a significant long-term supply contract by a prominent network of Singapore healthcare institutions. The contract, effective from 22 October 2025 to 21 October 2028, involves the provision of laboratory plastic consumables to several national-level research and clinical institutions, with an option for a two-year extension.

The contract underscores AJJ Healthcare’s reputation for high-quality and reliable supply chain management, reinforcing its standing as a trusted MedTech and healthcare brand in Singapore. This development is seen as a strategic move that strengthens the company’s position in the institutional supply sector, enhancing its recurring revenue base and earnings visibility over the medium term.

AJJ Healthcare’s CEO, William Ong, expressed his enthusiasm about the contract, stating, “This strategic award enables us to further demonstrate our commitment to operational excellence and supply chain reliability. We are honoured to expand our partnership with Singapore’s leading healthcare institutions.”

The contract also highlights the company’s capability to meet stringent supply chain requirements whilst maintaining consistent product quality and service reliability. AJJ Healthcare’s ISO 13485-certified quality framework played a crucial role in securing this contract, further validating its commercial operations.

The company anticipates that this contract will contribute positively to its financial performance, although the actual revenue generated may vary due to market or regulatory changes. AJJ Medtech Holdings Limited plans to provide updates on any material developments related to this contract.

Palm Beach Motor Yachts, a subsidiary of the Singapore Exchange (SGX)-listed Grand Banks Yachts Limited, has announced its acquisition of the iconic racing yacht Wild Oats XI. This strategic move positions Palm Beach Motor Yachts at the forefront of the luxury yacht industry, enhancing its portfolio with one of the most celebrated vessels in competitive sailing history.

Wild Oats XI is renowned for its impressive record in the Sydney to Hobart Yacht Race, having claimed line honours on multiple occasions. The acquisition underscores Palm Beach Motor Yachts’ commitment to expanding its influence and capabilities within the high-performance yachting sector.

The decision to take the helm of Wild Oats XI aligns with Grand Banks’ broader strategy to leverage its subsidiaries’ strengths and enhance its market presence. By integrating such a prestigious yacht into its fleet, Palm Beach Motor Yachts aims to attract a discerning clientele and reinforce its reputation for excellence in yacht manufacturing and design.

This acquisition not only highlights the company’s ambition but also its dedication to maintaining a competitive edge in the luxury yacht market. As Palm Beach Motor Yachts continues to innovate and expand, industry observers will be keen to see how this acquisition impacts its future endeavours and market positioning.

Timbre Group has officially opened Timbre+ Hillview, a new food and music destination located within the Central Manpower Base (CMPB) in Singapore. This launch is part of the group’s 20th anniversary celebrations, aiming to merge Singapore’s hawker culture with live entertainment in a family-friendly environment. The venue features 26 hawker and lifestyle stalls, live music zones, karaoke spaces, and a golf simulator, creating a vibrant community hub accessible to the public.

Timbre+ Hillview is designed to support local hawkers and emerging food and beverage entrepreneurs by providing affordable spaces, marketing assistance, and mentorship opportunities. Chuh Chee Ming, owner of Zijia Yong Tau Fu, praised Timbre for its support during the pandemic, stating, “Timbre stood by us with flexible rentals and delivery support that helped us stay afloat.” Similarly, Calvyn Ng, founder of Munchi Pancakes, credited Timbre for helping expand his business to over 40 outlets.

The venue also introduces the Timbre app, which allows visitors to discover events, place orders, and receive a 10% discount on purchases made via the app. This initiative aligns with Timbre Group’s mission of creating spaces that combine food, music, and community engagement.

Co-founder and CEO Danny Loong emphasised the group’s commitment to nurturing local talent, stating, “Timbre+ Hillview reflects our belief that everyone deserves a stage, and that stage should be open to all.” As Timbre Group celebrates its 20th anniversary, it continues to champion local musicians and food entrepreneurs, reinforcing its role as a key player in Singapore’s lifestyle and entertainment scene.

Singapore’s private residential market witnessed a significant boost in Q3 2025, with sales volumes rising by 44.4% quarter-on-quarter (qoq) to 7,404 units, according to Cushman & Wakefield’s analysis of URA statistics. This surge was primarily driven by robust demand for new launches and a thriving resale market, which accounted for 52.4% of the total sales.

The resale market’s appeal continues to grow among both owner-occupiers and investors, bolstered by rising rents, lower interest rates, and a notable price gap compared to new launches. New sale volumes soared by 171.3% qoq, reaching 3,288 units, whilst subsale volumes dropped by 12.6% qoq to 235 units, marking the lowest level since Q4 2022.

In the first three quarters of 2025, overall private residential sales reached 19,793 units, a 36.3% increase compared to the same period in 2024. The resale market contributed 11,093 units, representing 56% of the total sales. New sales are projected to hit between 10,000 to 11,000 units by year-end, a four-year high.

Private residential prices continued their upward trajectory, increasing by 0.9% qoq in Q3 2025. Landed residential prices rose by 1.4% qoq, whilst non-landed prices saw a 0.8% qoq increase, driven by the Core Central Region (CCR) and Outside Central Region (OCR).

Looking ahead, private residential prices are expected to grow by 3-4% year-on-year in 2025, supported by declining interest rates and strong upgrader demand. The market remains buoyant, with developers showing a keen interest in land acquisition amid low unsold inventory and stabilising construction costs.

Singapore’s industrial production (IP) experienced a remarkable surge of 26.3% month-on-month in September, marking the most significant sequential increase since January 2011, according to UOB Global Economics and Markets Research. This surge translated into a 16.1% year-on-year increase, surpassing all analyst estimates, which ranged from -6.5% to 9.0%.

The impressive performance in September was primarily driven by two sectors. Pharmaceuticals saw an extraordinary expansion of over 500% month-on-month, attributed to a sudden front-loading of orders from the US. This followed announcements by former US President Donald Trump to impose 100% tariffs on branded or patented pharmaceutical products unless manufactured in the US. Although the tariffs were initially set to take effect on 1 October, they have been delayed to allow negotiations for exemptions.

Additionally, the electronics sector recorded a 15.8% month-on-month rebound, led by semiconductors, which grew by 17.0%. This growth is believed to be fuelled by global demand for AI-driven investments, including data centre expansions and the integration of AI technologies into consumer devices.

The robust industrial production figures suggest a potential upward revision of Singapore’s Q3 2025 manufacturing growth to 5.0% year-on-year, compared to the initial estimate of 0.0%. Consequently, UOB has raised its full-year 2025 GDP forecast to 3.5% from the previous 3.2%, whilst maintaining the 2026 projection at 1.8%. The final Q3 GDP figures are expected to be released in late November.

Sunway Malls has announced a new sustainability campaign, “From This to That,” coinciding with United Nations Day. The initiative, running from 22 October to 9 November 2025, will feature eco-friendly workshops at Sunway Velocity Mall, Sunway Pyramid, Sunway Big Box, and Sunway Kluang Mall. The campaign aims to promote recycling, reusing, and reimagining to raise awareness of the United Nations’ Sustainable Development Goals (SDGs).

The mall group is also investing in Food Digester machines, which convert food waste into environmentally friendly greywater, and has received international SIRIM certifications, including ISO 14001 for Environmental Management. Sunway Pyramid has become the first mall in Malaysia to achieve the prestigious SIRIM 55 certification, setting a new standard for sustainability in the retail industry.

HC Chan, CEO of Sunway Malls, stated, “ESG is a crucial part of our business today. Our commitment to ESG is a bond of trust with our employees, customers, and community. This is how we ensure inclusive, ethical, and sustainable growth for all stakeholders.”

Sunway Malls is further enhancing its sustainability efforts with initiatives such as Smart Toilet Systems, Smart Parking Systems, and collaborations with partners like Kloth Cares for textile recycling. These efforts aim to reduce carbon emissions and promote a culture of reuse and recycling among tenants and visitors.

The “From This to That” campaign also includes partnerships with eco-friendly retailers like Uniqlo, The Body Shop, and Timberland, demonstrating the potential of collaboration in achieving a sustainable lifestyle.

Chivas Brothers, part of Pernod Ricard, has successfully launched The Vault on Tour in Singapore, marking its first appearance outside Scotland. Held on 5 October at 67 Pall Mall Singapore, the event was an exclusive, invitation-only experience for Southeast Asia’s most discerning collectors. Attendees were treated to an immersive journey into The Vault by Chivas Brothers, which showcases the company’s most coveted high-aged whiskies.

The event, hosted by Le Cercle by Pernod Ricard, brought together 24 members from Singapore, Malaysia, Thailand, the Philippines, and Indonesia. Guests were welcomed by Jean-Etienne Gourgues, Chairman and CEO of Chivas Brothers, and guided through the archives by Master Blender Sandy Hyslop and Archivist Robert Athol. The highlight of the event was an intimate tasting of five hand-picked single casks, including Strathisla 2002 and Longmorn 1998.

The Vault by Chivas Brothers is renowned for offering a rarefied journey into the heart of Scotch whisky at its home in Strathisla, Scotland’s oldest working distillery. This Singapore event recreated that experience, complete with a sensory immersion through sight, sound, and taste. Attendees also received a personalised box with a polished key and an invitation to the Strathisla experience.

Organised by Le Cercle, Pernod Ricard’s private client society, The Vault on Tour exemplifies the kind of rare experiences reserved for its members. The society curates immersive encounters, bringing its philosophy of shared luxury to life.

HSBC has launched its Entrepreneurial Wealth Proposition in Singapore, responding to the city’s growing appeal as a hub for business founders and wealth creators. The new service aims to meet the increasing demand for integrated banking and wealth solutions among entrepreneur clients. It offers a comprehensive range of services, including business needs, wealth structuring, and succession planning.

Singapore has been named the top global destination for entrepreneurs relocating their wealth, according to HSBC’s Global Entrepreneurial Wealth Report 2025. This highlights the city’s reputation as a stable, well-connected centre for innovation and capital. HSBC noted the “heightened activity among founder-led businesses,” reflecting the rising demand for such integrated solutions.

The new proposition is designed to connect entrepreneurs with HSBC’s full spectrum of expertise, ensuring they have access to the necessary tools for growth and legacy planning.

As Singapore continues to attract global entrepreneurs, HSBC’s initiative is poised to play a crucial role in supporting the city’s dynamic business landscape. The bank’s enhanced offering is expected to facilitate the growth and sustainability of founder-led enterprises, reinforcing Singapore’s position as a leading destination for entrepreneurial wealth.

Singapore and Peru have jointly announced the opening of applications for carbon credit projects under their Implementation Agreement. This initiative is part of a collaborative effort to enhance sustainable development and environmental conservation through the generation of carbon credits. The agreement, which facilitates the exchange of carbon credits between the two nations, aims to support projects that contribute to reducing greenhouse gas emissions.

The call for applications is a significant step in the partnership between Singapore and Peru, reflecting their commitment to addressing climate change. The projects selected will be instrumental in promoting sustainable practices and reducing carbon footprints in both countries. This initiative aligns with global efforts to combat climate change by encouraging innovative solutions and fostering international cooperation.

The Implementation Agreement between Singapore and Peru provides a framework for the development and exchange of carbon credits, which are crucial for meeting international climate targets. By inviting applications, both countries are encouraging businesses and organisations to participate in projects that have a positive environmental impact.

The collaboration is expected to attract a diverse range of projects, from renewable energy initiatives to reforestation efforts, all aimed at reducing carbon emissions. This move not only strengthens bilateral relations but also sets a precedent for other countries to follow in the pursuit of sustainable development.

In conclusion, the joint effort by Singapore and Peru to invite applications for carbon credit projects marks a pivotal moment in their environmental collaboration. The initiative promises to drive innovation and contribute significantly to global climate goals.