Regional News

Private residential leasing activity in Singapore has seen a rise for the second consecutive quarter, according to Savills Singapore. In Q2 2025, leasing volume increased by 2.8% quarter-on-quarter, following a 4.9% rise in Q1. This growth was primarily driven by the non-landed segment, with the Outside of Central Region (OCR) leading the charge with a 4.1% increase. The Core Central Region (CCR) and Rest of Central Region (RCR) also saw increases of 3.0% and 2.2%, respectively.

Despite the uptick in leasing activity, the vacancy rate rose from 6.5% in Q1 to 7.1% in Q2, with a 10.5% increase in vacant stock. The OCR accounted for over 60% of this increase, attributed to new completions since Q3 2024 being slow to lease. Irwell Hill Residences emerged as a new leader in leasing activity, with 169 contracts commencing in Q2 2025.

In the high-end market, Savills reported a 0.7% increase in average monthly rents for high-end condominiums, reaching S$5.99 per square foot. Alan Cheong, Executive Director of Research and Consultancy at Savills Singapore, noted, “Notwithstanding business uncertainties, rents are holding up because newly completed and let-out flats carry a premium over the rest.”

Savills anticipates that overall private residential rents will remain stable throughout 2025, supported by the rental premium of newer units. However, smaller units may face downward pressure as additional supply enters the market.
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Etiqa Insurance Singapore is set to return as the Official Travel Insurer for the National Association of Travel Agents Singapore (NATAS) Travel Fair 2025, marking its fourth consecutive year in this role. The event, themed ‘DREAMS…to Destinations!’, will take place at the Singapore Expo Hall from 15 to 17 August 2025, offering a range of enticing promotions for travellers.

In celebration of Singapore’s 60th birthday, Etiqa is launching a special SG60 promotion at the fair. Travellers can enjoy up to 45% off on Etiqa Travel Infinite and up to 10% off Annual Travel Plans. Maybank cardholders are eligible for an additional 5% discount on Annual Plans, totalling up to 15% off. Additionally, customers with policy numbers ending in ’60’ will receive a surprise gift, adding an element of excitement to the occasion.

Raymond Ong, CEO of Etiqa Insurance Singapore, expressed the company’s commitment to ensuring peace of mind for travellers, stating, “At Etiqa Insurance Singapore, we are committed to being With You, ensuring that whether you’re travelling for adventure, business or with loved ones, you are doing so with complete peace of mind.”

Every purchase at the NATAS Fair will come with a complimentary gift, ranging from sleek toiletries pouches to lock and weigh luggage straps, enhancing the travel experience for customers. Visitors can explore these offers at Booths 5H54 and 6H05 at the Singapore Expo Hall.

Etiqa Insurance Singapore, a member of the Maybank Group, has been protecting customers since 1961 and is rated ‘A’ by Fitch for its strong business profile and capitalisation.
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Singapore’s economy demonstrated resilience in Q2 2025, achieving a 4.4% year-on-year growth, slightly above the advance estimate of 4.3% and improving on Q1’s 4.1% growth. The quarter-on-quarter growth was 1.4%, reversing a 0.5% decline from the previous quarter. This performance led the Ministry of Trade and Industry to adjust its full-year growth forecast to between 1.5% and 2.5%, up from the previous range of 0% to 2%.

The growth was largely driven by stronger-than-expected outputs in manufacturing, wholesale trade, and construction. Manufacturing saw a 5.2% year-on-year increase, with most clusters expanding except for chemicals and general manufacturing. Wholesale trade rose by 4.7%, propelled by machinery, equipment, and supplies, whilst construction climbed 6%, supported by both public and private projects. However, food and beverage services contracted by 0.5%, and retail growth remained subdued.

Zavier Wong, Market Analyst at eToro, noted that much of Q2’s strength came from exporters front-loading orders ahead of the 1 August US tariff deadline, providing a one-off boost unlikely to continue into the second half. “In H2, manufacturing could slow sharply, especially in electronics and transport-related goods,” Wong stated. The potential 100% US semiconductor tariff poses a direct threat to precision engineering and logistics.

Whilst construction and precision engineering tied to non-US markets may continue to support growth, global demand softening could challenge Singapore’s economic momentum. If growth falters, the Monetary Authority of Singapore might need to adjust its exchange rate stance before the year ends. The second half of the year will reveal whether Singapore’s economic strength is sustainable or merely a temporary boost from trade flows.
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Simba Telecom’s acquisition of M1 for S$1.43 billion marks a significant shift in Singapore’s telecommunications landscape. The deal, valued at 7.3 times M1’s enterprise value to EBITDA, positions Simba as a formidable player with a 22% market share, alongside Singtel’s 55% and StarHub’s 24%. This move is expected to ease price pressures as mobile virtual network operator (MVNO) contracts expire and market consolidation takes hold.

The acquisition is seen as a strategic move towards rational competition, potentially benefiting all major players in the sector. StarHub stands to gain from network synergies without bearing the consolidation costs, which could support its dividend certainty. Meanwhile, Singtel is expected to benefit modestly, given that less than 10% of its sum-of-the-parts valuation comes from its Singapore consumer segment.

Hussaini Saifee, an analyst at Maybank IBG Research, noted, “We see easing price pressure as MVNO contracts expire and consolidation takes hold.” This suggests a more stable pricing environment in the future, which could be advantageous for consumers and the industry alike.

The acquisition reflects a broader trend in the telecom sector towards consolidation and strategic partnerships, aiming to enhance competitiveness and operational efficiencies. As the market adjusts to these changes, the focus will likely be on how these shifts impact service offerings and pricing strategies for consumers.

In conclusion, Simba’s acquisition of M1 is poised to reshape the competitive dynamics of Singapore’s telecom sector, with potential benefits for both operators and consumers. As the industry evolves, stakeholders will be keenly observing the implications of this significant market development.
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The telecommunications landscape in Singapore is undergoing significant changes as the two smallest mobile network operators (MNOs) consolidate, creating a formidable competitor for StarHub. This development, highlighted in RHB’s latest sector update, is expected to reduce market competition intensity. However, it presents a missed opportunity for StarHub, which now faces a larger rival with enhanced scale and efficiencies. The consolidation reinforces RHB’s preference for Singtel, which benefits from substantial earnings outside Singapore.

The merger is seen as a strategic move to streamline operations and improve market dynamics. “Whilst the consolidation of the two smallest MNOs is viewed positively and should lower the market’s competitive intensity, we see an opportunity lost for StarHub,” the report states. This shift in the competitive landscape is likely to impact StarHub’s market strategy as it contends with the newly formed entity’s improved capabilities.

Singtel, on the other hand, stands to gain from this development. With a significant portion of its earnings derived from international markets, Singtel is well-positioned to leverage the reduced competition domestically. The report maintains a neutral stance on the telecommunications sector, indicating that whilst consolidation brings certain advantages, challenges remain for some players.

As the sector evolves, companies will need to adapt to the changing competitive environment. The consolidation could lead to further strategic alliances and shifts in market strategies, impacting consumer choices and service offerings in the long term.
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CytoNiche Biotech has inaugurated its 3D FloTrix Experience Hub in Singapore, marking a significant milestone in its global expansion strategy. The hub showcases the company’s cutting-edge 3D cell production technology, which supports China’s first approved stem cell drug at a fraction of the cost of Western alternatives.

The new facility addresses the global challenge of high mesenchymal stem cell therapy costs. In the US, the first FDA-approved stem cell therapy is priced at $1.55 million per treatment, whereas China’s Amimestrocel Injection costs approximately $21,600 per course. This cost efficiency is achieved through CytoNiche’s 3D FloTrix platform, which utilises automated, scalable 3D cell production systems with GMP-grade dissolvable microcarriers, moving away from traditional 2D methods.

The Singapore hub will serve as a global headquarters, technology demonstration centre, and training facility for international partners. It aims to promote cost-effective stem cell manufacturing and support regulatory and clinical advancements in Asia and beyond. Dr. Yan Xiaojun, CTO and Co-Founder of CytoNiche, highlighted Singapore’s strategic location and robust biotech ecosystem as ideal for global outreach.

At the opening ceremony, Dr. Yan reflected on CytoNiche’s journey since its founding in 2018, culminating in the approval of China’s first stem cell drug. Professor Hanry Yu of the National University of Singapore praised the company’s international collaboration efforts.

Looking ahead, CytoNiche plans to expand its international presence and further reduce barriers to cell-based therapies through automated biomanufacturing platforms. Professor Du Yanan, Chief Scientist at CytoNiche, emphasised the hub’s role in making regenerative medicine more accessible worldwide.
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Granite Asia has announced the appointment of three new managing partners, enhancing its leadership in equity and private credit. The appointments, effective from 1 September 2025, include Ming Eng, who will lead the firm’s private credit strategy from Singapore. Eng’s leadership comes as Granite Asia launches its private credit strategy through the Libra Hybrid Capital Fund, securing $250m in commitments from Asian sovereign wealth funds and institutional investors.

Ming Eng, previously a managing partner at Orion Capital Asia, brings extensive experience from senior roles at Macquarie Bank, VTB Capital, and Goldman Sachs. Jenny Lee, senior managing partner at Granite Asia, praised Eng’s “sharp investment judgement and operating rigour,” noting her pivotal role in securing the fund’s anchor commitments.

In the equity sector, Haojun Li and Joshua Wu have been appointed as managing partners. Li will focus on consumer technology and AI applications, having led investments in companies like Rednote and Hellobike. His background includes a tenure as investment director at Vertex China and product management at Tencent.

Joshua Wu will concentrate on enterprise services, AI applications, and digital health. Wu has been instrumental in investments in firms such as WPS and Boss Zhipin. His career began at Alibaba and Tencent, followed by a role as an equity analyst at Jefferies.

Jixun Foo, senior managing partner at Granite Asia, highlighted the duo’s “operator-investor mindset,” emphasising their deep networks and sector instincts. These appointments reflect Granite Asia’s commitment to scaling high-impact companies across the Asia-Pacific region. With assets under management totalling $5b, the firm continues to prioritise long-term themes such as consumer growth and health innovation.
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Rex International Holding Limited, a technology-driven oil exploration and production company, announced that its total production for July 2025 from Norway, Oman, and Germany amounted to 13,710 barrels of oil equivalent per day (boepd). This update highlights the company’s ongoing operations and production capabilities across these regions.

In Norway, Lime Petroleum AS, a subsidiary of Rex, reported a combined production of 11,941 boepd from the Brage and Yme Fields. Lime Petroleum holds a 33.8434% interest in the Brage Field, operated by OKEA ASA, and a 25% interest in the Yme Field, operated by Repsol Norge AS. Notably, a new well commenced production at the Brage Field, and an exploration well was spudded in the Talisker discovery’s southern part.

In Oman, Masirah Oil Limited, another subsidiary of Rex, announced that the Yumna Field in offshore Block 50 produced an average of 1,715 stock tank barrels per day (stb/d) over July. Masirah Oil holds a 100% interest in this block, underscoring its significant operational role in the region.

In Germany, Lime Resources Germany GmbH reported a modest production of 54 barrels of oil per day (bopd) from the Schwarzbach and Lauben Fields. Lime Resources holds a 100% interest in the Schwarzbach Field and a 50% interest in the Lauben Field, operated by ONEO GmbH & Co.KG.

These production figures reflect Rex International’s diverse portfolio and its strategic operations across multiple regions. The company continues to leverage its proprietary technologies to optimise exploration and production activities.
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Ookla’s first half 2025 Connectivity Report has highlighted Singapore’s top-performing mobile and fixed networks. Singtel emerged as the leading mobile network provider, boasting a median download speed of 296.76 Mbps and an upload speed of 28.84 Mbps. Meanwhile, MyRepublic was recognised for having the best fixed network, achieving a median download speed of 421.38 Mbps and an upload speed of 338.96 Mbps.

The report, based on Speedtest data, also noted M1’s exceptional performance in the 5G sector, delivering the best video experience with a 5G Video Streaming Score of 87.81. This underscores the growing importance of 5G technology in enhancing user experience in Singapore.

MyRepublic further distinguished itself by offering the best gaming experience among Internet Service Providers (ISPs) during the first half of 2025. This accolade is based on Speedtest Intelligence data, which evaluates network performance across various metrics.

These findings are crucial as they provide insights into the competitive landscape of Singapore’s telecommunications sector. The report not only highlights the strengths of leading providers but also sets a benchmark for future improvements in network services.

As Singapore continues to advance its digital infrastructure, these results could influence consumer choices and drive further innovation in the industry. The full report is available on Ookla’s website, offering a comprehensive analysis of the current state of connectivity in Singapore.
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MoneyMax Financial Services Ltd has announced a remarkable 76.4% increase in net profits for the first half of 2025, ending 30 June. The surge in profits, reaching $23.3 million (S$31.8 million), is attributed to robust growth in its core business operations. Revenue for the period rose by 31.2% to $178.3 million (S$242.9 million), compared to $136.0 million (S$185.2 million) in the same period last year.

The company’s financial performance was bolstered by a significant rise in profit before income tax, which soared by 77.6% to $29.5 million (S$40.1 million). This growth was achieved despite a 28.2% increase in material costs and a 20.3% rise in employee benefits expenses. The income tax expense also saw a substantial increase of 82.4%, amounting to $6.1 million (S$8.3 million).

MoneyMax’s earnings per share nearly doubled, increasing by 78.7% to 6.70 pence. The company attributed the positive results to strategic initiatives and effective management of its core business segments. “The impressive growth in our net profits underscores the strength of our business model and our commitment to delivering value to our shareholders,” stated the company.

Looking ahead, MoneyMax remains optimistic about maintaining its growth trajectory, focusing on expanding its market presence and enhancing operational efficiencies. The company also highlighted its commitment to exploring new opportunities to sustain its financial momentum in the coming quarters.
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