Regional News

Banyan Group Residences has launched Laguna Golf Residences Hibiscus, a new residential project in Phuket that combines heritage-inspired architecture with modern luxury. Situated on the historic site of Phuket’s tin mines, the development offers panoramic views of the Laguna Golf Phuket course and is a short distance from Bang Tao Beach.

The project pays homage to the area’s tin mining past, incorporating design elements that reflect the industrial structures of the time. The residences are set amidst landscaped gardens and offer views of the 18-hole championship golf course. The development spans over 1,000 acres and includes access to the new Rava Beach Club, award-winning dining, and luxury spas.

Laguna Golf Residences Hibiscus features one to three-bedroom residences and penthouses, with sizes ranging from 67 to 297 square metres. Prices start at $353,000 (THB 12.9m). The interiors use natural materials to create a warm connection to the outdoors, and some ground-floor units include private pools or gardens.

Residents will benefit from The Sanctuary Club, offering access to nearly 100 Banyan Group properties worldwide, and the Laguna Advantage programme, which includes property management services and lifestyle benefits. Additionally, Banyan Living provides a rental management solution for homeowners.

This development not only offers a luxurious lifestyle but also celebrates the transformation of Laguna Phuket from a tin mining site into a vibrant residential community. With its unique blend of history, design, and location, Laguna Golf Residences Hibiscus promises an unmatched tropical living experience.
“`

UltraLuxe Singapore 2025 is set to return from 2 to 12 October at the Tent@Ngee Ann City on Orchard Road, marking its fourth year of showcasing niche luxury. This year’s event coincides with Singapore’s 60th year of independence, known as SG60, and promises to unite local visionaries with world-renowned talents. The festival will feature a variety of immersive experiences, including VerveArté on 2 October, which offers a journey through four curated spaces.

The event will highlight Singapore’s creative spirit through diverse themes. Eternia will focus on beauty and wellness, offering advanced diagnostics and personalised programmes. Style Inc will celebrate Singapore’s fashion and jewellery scene, featuring reimagined Asian heritage styles and avant-garde designs. Spiritium will present rare Scottish whiskies curated by Bitcask, Singapore’s premier whisky purveyor, whilst Haute will offer refined gastronomy with rare beef canapés.

From 6 to 12 October, JeweLuxe will transform the Tent into an exploratorium, showcasing world-renowned jewellery houses and innovative designers. Highlights include The GemCentric, Star Power, Asia’s Brilliant Edge, the Italian Edit, and Whispers of the Past.

Beyond the Tent, UltraLuxe extends island-wide, offering wellness treatments, gourmet journeys, and fashion and jewellery explorations across Singapore. Supported by the Singapore Tourism Board, UltraLuxe aims to enhance Singapore’s luxury landscape and attract global audiences. “This festival exemplifies Singapore’s commitment to creating distinctive experiences,” said Guo Teyi, Director of Leisure Events at the Singapore Tourism Board. For more details, visit www.ultraluxeglobal.com.
“`

Singapore’s property market is expected to remain resilient, supported by healthy supply factors in the office and retail sectors, according to a new report by S&P Global Ratings.

Southeast Asia’s leading property firms are expected to maintain stable credit profiles despite facing diverse operating conditions over the next year. The report, titled “Southeast Asia Property: Major Players Stay Solid,” outlines how some companies benefit from supportive policies and improved domestic funding, whilst others contend with oversupply and weak demand in the mass-market residential sector.

The report provides insights into specific markets within the region. In Indonesia, modest deleveraging is anticipated, driven by increased earnings from improved marketing sales and reduced refinancing risks. Meanwhile, Vietnam’s residential property market is showing signs of recovery, although developers continue to face high refinancing pressures. In the Philippines, large developers are adapting their strategies amidst industry challenges, but significant deleveraging remains unlikely due to ongoing investment for growth.

These findings are crucial for investors and stakeholders in the region’s property market, offering a comprehensive view of the current landscape and future prospects. The report is available to subscribers of RatingsDirect and can be accessed through S&P Global Ratings’ website.
“`

Pacific Radiance (PACRA) has reported a significant turnaround in its financial performance for the first half of 2025, with a 28% year-on-year increase in revenue, reaching $24 million. This growth aligns with expectations, largely due to the reactivation of its entire fleet, including an accommodation work barge, and a favourable shift towards ship management services.

The company’s gross margin improved to 49% in 1H25, up from 32% in the same period last year, attributed to the reactivation of vessels and a strategic revenue mix. PACRA’s core profit after tax and minority interests (PATMI) exceeded forecasts, reaching $6 million, surpassing the anticipated $5 million for the full year.

PACRA’s ship leasing and chartering revenues rose by 31% year-on-year to $9 million, driven by the reactivated vessels. The company currently has four vessels operating in the Middle East under contracts ranging from one to three years, with resilient demand expected to boost charter rates.

In Taiwan, PACRA has expanded its fleet of crew transfer vessels (CTVs) servicing offshore wind farms, delivering one of two new CTVs to its joint venture. The second CTV is pending sale, which will increase the fleet to six units.

CGS International has reiterated an “Add” rating for PACRA, raising the target price to S$0.09, based on a 7x FY26 forecast price-to-earnings ratio. The company’s sustainable profit turnaround and potential new vessel additions are seen as key catalysts for future growth. However, risks remain, including potential weak demand for ship repairs and lower-than-expected fleet utilisation.
“`

Stripe, the financial services company, has unveiled new stablecoin and AI product updates at the Stripe Tour Singapore 2025, aiming to accelerate global growth for Asian businesses. The announcement follows a survey indicating that businesses across Asia are swiftly adopting these technologies, which are reshaping the internet economy. Despite economic uncertainties, 73% of Asian businesses are confident in reaching new international markets within the next year.

The survey, conducted by Stripe and YouGov, highlights that 46% of businesses expect cross-border sales to grow in the coming 12 months. However, challenges such as rising costs and cybersecurity risks remain significant barriers. Sarita Singh, Stripe’s regional head for Southeast Asia, India, and Greater China, noted, “Asia is showing extraordinary resilience and focusing on international growth.”

Stablecoins are emerging as a key tool for cross-border trade, with 46% of businesses planning to integrate them within two years. Stripe is already processing stablecoin payments from over 120 countries and has launched Stablecoin Financial Accounts accessible from over 100 countries, including Sri Lanka, Vietnam, and Brunei.

AI is also set to transform commerce in Asia, with 82% of businesses expecting to use AI-driven sales channels by 2030. Stripe has introduced the world’s first AI foundation model for payments, significantly enhancing its ability to detect complex payment patterns.

Stripe continues to support a wide range of Asian businesses, offering over 50 upgrades to its financial services tools. These include expanded market access, new payment methods, and enhanced fraud prevention capabilities. With these advancements, Stripe aims to help businesses in Asia navigate the challenges of global expansion and leverage new technologies for growth.
“`

CIMB Singapore has been acknowledged for its exceptional customer service, securing a place in The Straits Times’ Best Customer Service Survey for 2025–26 for the third consecutive year. Conducted by The Straits Times and Statista, the survey evaluated feedback from over 10,000 customers, with more than 100,000 assessments across various brands. Only the top three to five brands in each category were recognised.

Victor Lee, CEO of CIMB’s Growth Markets and Singapore, expressed gratitude, stating, “Service excellence is in our DNA. To be recognised three years running is truly humbling and it is a reflection of the dedication of our people who live our purpose of advancing customers and society every day.”

As a challenger bank in Singapore, CIMB distinguishes itself by leveraging its ASEAN network and focusing on customer needs. This strategy has led to significant growth, with consumer customers increasing 21 times and commercial clients 26 times from 2020 to 2024. In 2024, CIMB Singapore achieved a 39% year-on-year increase in profit before tax.

CIMB continues to redefine service excellence by offering a comprehensive range of services, including 24/7 fixed deposit services via the CIMB Clicks mobile app and dedicated relationship managers for clients. The bank remains committed to providing customer-first experiences that simplify and enhance banking.

CIMB’s ongoing commitment to service excellence and innovation ensures its continued prominence in Singapore’s competitive financial market. The bank’s achievements underscore its dedication to delivering impactful and sustainable finance solutions across the region.
“`

AI adoption is on the rise in Singapore’s retail sector, with 98% of businesses exploring or deploying AI technologies. However, a mere 10% of retailers trust AI to autonomously manage the entire customer journey, according to a study by monday.com. The research surveyed 350 retail decision-makers in Singapore, revealing a significant gap between AI exploration and trust.

The study highlights that whilst 94% of retail leaders believe AI can help local retailers compete globally, only 50% of small retailers, defined as those with up to 50 employees, share this confidence. Employee resistance, particularly in shopping centres, remains a significant barrier, with 77% of employees showing reluctance towards AI adoption.

Gavin Watson, Senior Industry Lead at monday.com, emphasised the importance of human oversight in AI implementation. “Singapore’s retailers see AI as an opportunity to deliver personalised, intelligent, and faster customer experiences,” he said. However, he noted that transparency and trust are crucial for successful AI integration.

The research also found that 75% of retailers are using AI to achieve sustainability goals, such as optimising production and reducing waste. This aligns with Singapore’s national environmental standards and goals like the Green Plan and net-zero targets by 2050.

In conclusion, whilst AI offers significant potential for enhancing competitiveness and sustainability in Singapore’s retail sector, the lack of trust and employee resistance pose challenges. Future efforts must focus on building trust and ensuring transparency to fully realise AI’s benefits.
“`

Eneco Energy Limited has reported a significant turnaround in its financial performance for the six months ending 30 June 2025, achieving a net profit of $0.60 million (S$0.82 million) compared to a net loss of $0.30 million (S$0.41 million) in the previous period. This improvement is largely attributed to the robust performance of its logistics division, Richland Logistics Services, which saw a 9% increase in revenue to $12.00 million (S$16.40 million).

Richland Logistics, a key revenue driver for Eneco, specialises in airport cargo services and integrated logistics, serving a diverse clientele of blue-chip companies. The division’s growth was bolstered by increased sea freight forwarding, transportation, warehousing, and supply chain services, despite a decline in full container load activity.

Eneco’s Executive Director, Ang Jun Long, highlighted the effectiveness of strategic initiatives and the resilience of the logistics business. “Within a short period of time, we are pleased to achieve a meaningful turnaround in our performance,” he stated, emphasising the company’s commitment to sustaining growth and exploring new market opportunities.

The company also announced securing five new logistics contracts valued at approximately $3.00 million (S$4.05 million) annually, with service durations ranging from two to three years. Notably, one contract involves a “Green Distribution Model” deploying electric vehicle lorries across Singapore.

In addition to organic growth, Eneco is pursuing inorganic growth through mergers and acquisitions to diversify its portfolio. The company has signed an exclusive distribution agreement for an innovative engineering solution aimed at enhancing oil and gas production efficiency, with plans to pilot this in Indonesia later in 2025.

Eneco’s strategic focus on operational efficiency and market expansion positions it well for future growth, as it continues to build a resilient business ecosystem.
“`

Tokyo has emerged as the leader in the Savills World Cities Prime Residential Index, recording an impressive 8.8% growth in capital values during the first half of 2025. This growth is attributed to a persistent shortage of new housing stock and robust demand from both domestic and international buyers. The city’s capital values are expected to rise further by 6% to 7.9% in the latter half of the year.

Singapore, whilst only seeing a modest 0.2% growth in capital values, stands out for its high transaction costs. The city imposes a 60% Additional Buyer’s Stamp Duty on international buyers, making it the most expensive globally in terms of entry costs. Alan Cheong of Savills Singapore noted that local demand, driven by higher public flat resale prices, is expected to sustain the private residential market.

Berlin and Dubai also showed strong performances, with capital value increases of 7.2% and 5.7%, respectively. These cities, along with Seoul, which posted a 5.1% growth, benefited from limited development pipelines and strong buyer sentiment. Meanwhile, cities known for their lifestyle appeal, such as Amsterdam, Cape Town, Lisbon, and Sydney, experienced positive growth driven by sustained international interest.

In contrast, Hong Kong faced challenges, with a 3.5% decline in capital values due to high pricing and policy uncertainty. Despite this, it remains the most expensive city in the index, with average prime prices of $3,720 (£2,860) per square foot.

Looking ahead, Savills forecasts an average capital value growth of 1.5% across the index in the second half of 2025, with Cape Town, Seoul, and Tokyo leading the way.
“`

Rental prices and volumes for both HDB flats and condominiums in Singapore experienced significant increases in July 2025, according to the latest 99-SRX Media Flash Report. The surge is attributed to the seasonal influx of expatriates and families settling before the new school term, alongside mid-year lease renewals.

In the condominium market, rental prices rose by 1.5% from June, with the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) seeing increases of 0.6%, 1.1%, and 2.1%, respectively. Year-on-year, condo rental prices were up by 3.1%. Rental volumes also saw a substantial month-on-month increase of 30.2%, with 8,691 units rented in July compared to 6,674 in June. This figure was 10.6% higher than the five-year average for July.

The HDB rental market mirrored this trend, with prices rising by 1.6% from June. Mature estates saw a 1.8% increase, whilst Non-Mature estates rose by 1.3%. Year-on-year, HDB rental prices increased by 3.2%. Rental volumes for HDB flats increased by 16.9% month-on-month, with 3,168 units rented in July, marking a 4.6% rise compared to July 2024.

The report highlights that HDB flats remain a more affordable option for many tenants, especially those priced out of the private market. As the rental market continues to heat up, these trends suggest a robust demand for rental properties in Singapore.
“`