Regional News

Singapore’s economy demonstrated robust growth in the second quarter of 2025, expanding by 4.4% year-on-year. This positive performance has prompted an upward revision of the nation’s GDP growth forecast for the year, now projected to be between 1.5% and 2.5%, according to the latest figures released by the Department of Statistics Singapore.

The revised forecast reflects a more optimistic outlook for Singapore’s economic recovery, which was initially expected to range from 0.0% to 2.0%. This adjustment suggests a stronger-than-anticipated rebound as the country continues to navigate post-pandemic challenges and global economic uncertainties.

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StarHub has successfully completed the acquisition of the remaining 49.9% stake in MyRepublic Broadband, making it a wholly-owned subsidiary. This strategic move, announced on 12 August 2025, aims to bolster StarHub’s leadership in Singapore’s broadband market by integrating MyRepublic’s brand and operational assets. The acquisition is expected to enhance service differentiation and enable cross-product bundling, aligning with StarHub’s multi-brand strategy.

The acquisition allows StarHub to fully integrate MyRepublic Broadband’s operations, securing its brand equity in Singapore. This alignment is set to drive greater value creation and service innovation for customers. Nikhil Eapen, Chief Executive of StarHub, stated, “This isn’t just an acquisition. It’s an acceleration. We’ve laid a strong foundation for growth and with MR Broadband fully under our wing, we can move faster, go further, and serve customers with even greater clarity and care.”

StarHub’s move comes as part of its broader strategy to digitise and modernise its core business, focusing on enhancing customer experiences and driving sustainable growth. As the broadband landscape in Singapore evolves, StarHub aims to shape the next phase of market consolidation, prioritising scale, quality, and resilience. Eapen added, “As the market shifts, scale, quality, and resilience matter more than ever. Our role is to step up to provide the reliability, performance, and consistency that customers deserve.”

This acquisition reinforces StarHub’s position as a leading provider of high-quality broadband and mobile services in Singapore, ensuring that local consumers benefit from improved service offerings.
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The Competition and Consumer Commission of Singapore (CCCS) has successfully obtained court orders against several immigration consultancy businesses for engaging in misleading practices. This legal action, announced today, aims to protect consumers from deceptive marketing tactics that have been prevalent in the industry.

The CCCS’s investigation revealed that these firms had been providing false or misleading information to clients regarding immigration services, which led to the court’s intervention. The court orders mandate that the implicated businesses cease their misleading practices immediately and rectify any false claims made to their clients.

This move by the CCCS underscores its commitment to maintaining fair trading practices and safeguarding consumer interests in Singapore. By holding these companies accountable, the CCCS aims to deter similar conduct in the future and ensure transparency in the immigration consultancy sector.

In a statement, the CCCS emphasised the importance of accurate information in consumer decision-making processes. “Consumers should be able to trust that the information provided by businesses is truthful and not misleading,” the commission stated.

The court orders serve as a warning to other businesses in the industry to adhere to ethical practices and provide honest services to their clients. The CCCS continues to monitor the sector closely and encourages consumers to report any suspicious activities.

This legal action is expected to have significant implications for the immigration consultancy industry in Singapore, promoting a more transparent and trustworthy environment for consumers seeking immigration advice and services.
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Singapore Management University (SMU) has announced the launch of the Singapore Tax Academy Research Initiative (STARI), a collaborative effort with the Tax Academy of Singapore. The initiative, supported by a grant from the Tax Academy, will be managed by the Centre for Commercial Law in Asia at SMU’s Yong Pung How School of Law. It aims to advance international tax research, develop local academic expertise, and foster connections with global tax leaders.

Dennis Lui, CEO of the Tax Academy of Singapore, emphasised the initiative’s focus on the Asian context, stating, “Through STARI, we will conduct tax research in a rapidly developing international tax landscape. This industry-relevant research will enhance our training programmes, offering tax professionals deeper insights into regional complexities and emerging challenges.”

The initiative will be led by SMU Assistant Professor of Law Vincent Ooi and will cover various research areas, including harmful tax competition, Global Minimum Tax, and environmental taxation. Ooi highlighted the importance of the initiative, noting that it will develop a Research Affiliates Programme and host Academic Writing Workshops to build research capacity among Singaporean tax professionals.

STARI will also collaborate with an Academic Expert Panel, featuring scholars from prestigious institutions such as the University of Oxford and New York University. The initiative will host an Annual Conference and Visiting Academic Seminars to facilitate academic debate and industry exchange.

The first Annual Conference, held today, featured keynote lectures and panel discussions with international tax experts, marking the official launch of STARI.
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Riverstone Holdings, a Singapore-based rubber glove manufacturer, has reported a disappointing first half of 2025, with net profit falling short of expectations at 43% of its full-year forecast, according to a CGS International  report. However, the company anticipates a stronger performance in the second half, driven by increased demand in its cleanroom segment, which caters to data centres and AI-related industries.

The company’s revenue for the first half of 2025 was RM497.1 million, flat compared to the previous year, with a decline in cleanroom volumes and foreign exchange losses impacting results. Gross profit also fell by 24.8% year-on-year due to the depreciation of the US dollar against the Malaysian ringgit, higher volumes of lower-margin healthcare gloves, and increased depreciation costs.

Despite these challenges, Riverstone’s management remains optimistic about the second half of the year. The company plans to focus on higher-margin cleanroom gloves and customised healthcare gloves to drive growth. “Market conditions are improving heading into the second half,” the management stated, highlighting stable demand for healthcare gloves and a stronger contribution from the cleanroom segment.

CGS International has upgraded its outlook for Riverstone to “Add” from “Hold,” citing a potential recovery in net profit for the fiscal years 2026 and 2027. CGS International has also adjusted its valuation to reflect a 15.6 times FY27 earnings per share forecast, acknowledging its earnings exposure to higher-margin products and effective cash management during the COVID-19 pandemic.

Looking ahead, Riverstone aims to maintain its competitive edge by prioritising ESG (Environmental, Social, and Governance) compliance, having been recognised for its commitment to worker rights and sustainability. The company is also focused on reducing energy and water intensity by 2025, setting a benchmark for its peers in the industry.
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In the second quarter of 2025, Savills Research reported that the highest average median rents for 3-bedroom non-landed private residential units in Singapore were found in District 4 (Harbourfront/Telok Blangah) at $6,200 (S$8,500), District 1 (Boat Quay/Marina/Raffles Place) at $6,180 (S$8,475), and District 9 (Orchard/River Valley) at $5,470 (S$7,500). These districts continue to attract demand due to their central locations and lifestyle appeal.

Overall, median rents for 1-to-5-bedroom non-landed private properties remained stable quarter-on-quarter, indicating market stability. However, the popular 1- to 3-bedroom segment experienced a slight decline of 0.1% quarter-on-quarter. Specifically, rents in the Core Central Region and Rest of Central Region decreased by 0.3% and 0.1% respectively, whilst the Outside of Central Region saw no change.

Despite a minor dip in Q2, rents were still 1% higher than the same period last year. The 1- to 3-bedroom segment saw a 1.1% year-on-year increase, whereas 5-bedroom rents dropped by 3.9% as tenants opted for smaller, more affordable units. Year-on-year, rents rose by 1.1% for 1-bedroom units, 0.7% for 2-bedroom units, 2.0% for 3-bedroom units, and 2.3% for 4-bedroom units.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “The April 2025 US trade tariffs have heightened global uncertainty, leading many firms to delay hiring and expansion decisions. Whilst this may place some pressure on leasing activity, most landlords remain firm in their asking rents due to higher property taxes and rising conservancy charges.”

Looking forward, Savills anticipates that rents will remain largely flat for the remainder of 2025, unless there are significant macroeconomic or geopolitical changes.
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Shangri-La Singapore has announced the appointment of Yusuf Yaran as its new Resident Manager. With a career spanning more than two decades across various countries, Yaran is set to enhance the hotel’s operations with his extensive expertise in hotel management and food and beverage services. His previous role at Shangri-La’s Tanjung Aru Resort & Spa in Kota Kinabalu saw him lead a team of over 700 and introduce the acclaimed Green Fine Borneo Cuisine concept.

Yaran’s appointment comes as Shangri-La Singapore continues to uphold its reputation as a premier luxury destination. The hotel, the brand’s first globally, boasts 792 guestrooms and suites nestled within 15 acres of tropical gardens in Singapore’s heart. Yaran’s role will involve overseeing daily operations across the hotel’s dining concepts, banquet services, and its three distinctive wings: the Tower Wing, Garden Wing, and Valley Wing.

Having been part of the Shangri-La family since 2006, Yaran has held leadership roles in Kuala Lumpur, Jakarta, Shanghai, Manila, and Singapore. His strategic leadership in marketing, budgeting, and guest satisfaction has consistently delivered strong business results. “It is a true honour to be in vibrant Singapore and to join the team at Shangri-La’s flagship property,” Yaran remarked. “Together with our dedicated team, we will continue to deliver meaningful, memorable stays.”

Yaran’s global perspective and guest-centric approach are expected to further solidify Shangri-La Singapore’s standing in the luxury hospitality sector, ensuring it remains a top choice for both leisure and business travellers.
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OPPO Singapore has launched the SG60 campaign to celebrate Singapore’s 60th birthday, focusing on creativity, technology, and community engagement. As part of the campaign, OPPO has invited local photographers to participate in the OPPO LUMO Photography Awards 2025, encouraging them to capture the nation’s spirit under the theme “Super Every Singapore Moment” using their smartphones.

The campaign includes a social video featuring local celebrity Romeo Tan and the works of 20 photography enthusiasts. This video highlights the power of camera technology in fostering creative expression and connecting communities. The images showcase the everyday beauty and diversity of Singapore, from bustling coffee shops to national landmarks, demonstrating the professional-grade imaging capabilities of OPPO smartphones.

OPPO has also partnered with Nanyang Technological University (NTU) for the youth-driven OPPO Creative Studio. This initiative, part of NTU’s veNTUre programme, provides students with industry insights and challenges them to explore what SG60 means to them. Students use the OPPO Reno14 Pro to capture Singapore’s vibrant cityscape, sharing their interpretations on a dedicated Instagram account, FromThenToNowSG60.

Dylan Yu, Marketing Director of OPPO Singapore, stated, “By encouraging individuals to capture the beauty around them, OPPO reaffirms its commitment to empowering Singaporeans with a platform to express their creativity and commemorate this momentous day.”

The SG60 campaign reflects OPPO’s commitment to empowering local communities through technology and creativity. Looking forward, OPPO plans to continue supporting community-led storytelling and investing in technological innovation to engage Singaporean consumers more deeply.
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Trident Digital Tech Holdings Ltd, a Singapore-based leader in digital transformation, has announced its intention to secure stablecoin licences in multiple African countries to promote the adoption of Ripple USD (RLUSD), a US dollar-pegged stablecoin. This initiative is part of the company’s strategy to enhance financial inclusion and digital payments infrastructure across the continent.

The company recently embarked on a significant corporate crypto strategy, aiming to raise up to $500 million to establish one of the largest corporate XRP treasuries globally. This move highlights Trident’s commitment to decentralised finance as a driver of global financial evolution. Building on its expertise in Web 3.0 infrastructure and a recent public-private partnership in the Democratic Republic of the Congo, Trident is now focusing on the stablecoin sector.

Ripple’s RLUSD has quickly gained momentum, with over $500 million in circulating supply shortly after its issuance. The African market is already witnessing innovation in stablecoin payments, with initiatives like Circle’s USDC and Visa’s pilot programmes. Trident’s Founder, Chairman, and CEO, Soon Huat Lim, stated, “By pursuing stablecoin licences and RLUSD adoption in Africa, we are furthering our mission to enable Web 3.0 transformations in emerging markets.”

Trident is currently in discussions with regulatory authorities, financial institutions, and local partners to explore licensing pathways and infrastructure needs. The company plans to begin phased rollouts in pilot countries by mid-2026, contingent on legal frameworks and market readiness. This expansion underscores Trident’s role as a trusted Web 3.0 infrastructure partner in emerging markets.
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Centurion Corporation Limited has unveiled its Westlite Ubi property, a 1,650-bed Purpose-Built Worker Accommodation (PBWA) in Singapore, which has reached full financial occupancy by April 2025. This development highlights Centurion’s commitment to elevating living standards for migrant workers, aligning with the Ministry of Manpower’s New Dormitory Standards (NDS) well ahead of the 2040 mandate.

Westlite Ubi, located in the Eastern-Central Ubi area, offers modern facilities and amenities that exceed the NDS requirements. These include en-suite toilets, showers, and kitchens in all rooms, providing enhanced convenience for residents. The dormitory also features a minimart, canteen, and barber, ensuring easy access to daily necessities. Additionally, the facility includes a well-equipped gym and privacy corners, promoting both physical and emotional wellbeing.

The Multi-Purpose Hall at Westlite Ubi serves as a communal hub for social activities and can be converted into isolation facilities during emergencies, reflecting Centurion’s pandemic-preparedness plan. The dormitory’s strategic location near major industrial clusters makes it a preferred choice for employers.

Centurion’s CEO, Kong Chee Min, stated, “Westlite Ubi reflects the kind of living environment we believe should be the standard for migrant workers. Every element, from the layout of the rooms to the shared spaces and daily amenities, has been thoughtfully planned with the residents in mind.”

As Centurion continues to upgrade its portfolio, the company remains focused on setting higher standards for worker accommodation, ensuring the wellbeing of residents and meeting evolving regulatory expectations.
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