Regional News

Genting Singapore reported a decline in its gaming revenue for the second quarter of 2025, with an 8.1% quarter-on-quarter drop, largely due to renovation works at Resorts World Sentosa (RWS) affecting visitor numbers. The company’s adjusted EBITDA for the quarter stood at $137.5 million (S$187.9 million), marking a 6.6% year-on-year decrease and a 20.3% drop from the previous quarter, missing both company and Bloomberg consensus estimates.

The decline in gaming revenue contrasts with the 24.6% growth seen by competitor Marina Bay Sands, suggesting a loss in market share for Genting Singapore, particularly in the mass gaming segment. The renovations at RWS are believed to have deterred visitors, impacting footfall and revenue.

Staff costs have also risen by 17.4% year-on-year to $214.0 million (S$292.7 million) in the first half of 2025, as the company increased its workforce to support new attractions such as Minion Land and the Singapore Oceanarium. Despite these challenges, management remains optimistic about the potential for these attractions to boost visitor numbers and spending in the future.

Genting Singapore has adjusted its financial forecasts, reducing its FY25-FY27 adjusted EBITDA by 7.3-9.5% and net profit by 5.1-13.0%, reflecting a cautious outlook. The target price for the company’s shares has been lowered to $0.61 (S$0.835), with expectations of profitability recovery in FY26 following the full opening of RWS 1.5 attractions. However, risks remain, including potential sluggishness in the tourism industry and lower-than-expected visitor spending.
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The Singapore strata commercial market remained resilient in the first half of 2025, with Knight Frank Singapore reporting consistent sales activity in both office and retail sectors. A total of 189 strata office transactions were recorded, amounting to $510 million (S$699.6 million), mirroring the activity from the latter half of 2024. However, the average unit price saw a slight decline of 3.2% to $2,032 (S$2,787) per square foot (psf).

The Downtown Core and Rochor areas led the sales volume, with the former achieving 44 transactions valued at $344 million (S$471.7 million). Notable sales included units at 20 Collyer Quay for $67 million (S$91.8 million) and several units at 108 Robinson Road for $41 million (S$55.8 million). Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore, highlighted the appeal of strata units as “boutique bite-size niche opportunities” for investors.

Freehold strata office sales saw a decrease in total sales value by 20.1% to $183 million (S$251.6 million), whilst leasehold transactions increased by 17.8% to $326 million (S$448 million). The market outlook remains cautious, yet promising, with potential new project launches like One Sophia and The Golden Mile.

In the strata retail sector, sales value rose by 35.5% to $213 million (S$292.3 million), despite a stable average unit price of $2,189 (S$3,004) psf. Freehold retail transactions increased in value by 51.8% to $123 million (S$168.8 million), whilst leasehold sales grew by 18.2% to $90 million (S$123.5 million). The retail market faces challenges from rising costs and geopolitical tensions, but opportunities for organic gentrification, such as at Fortune Centre, may drive future interest.

Knight Frank anticipates the total transaction value for strata office units could surpass $730 million (S$1 billion) by the end of 2025, whilst retail sales are projected to reach between $292 million (S$400 million) and $365 million (S$500 million).
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Cohesity, a leader in AI-powered data security, has launched the Cohesity Aspire Partner Programme, a comprehensive framework designed to enhance partner engagement and profitability. The programme, announced today, offers partners across various business models the opportunity to access new revenue streams, certifications, and training, whilst simplifying their collaboration with Cohesity.

The Aspire Partner Programme is structured to support partners in the ASEAN region, where organisations are rapidly modernising IT environments amidst rising cyber threats. Mike Walkey, senior vice president of Global Partner Sales at Cohesity, stated, “The Cohesity Aspire Partner Programme reimagines how we do business with partners and enable them to succeed.” The programme is designed to provide flexibility for partners to adapt to emerging technologies like AI, ensuring customer confidence in their solutions.

Peter Hanna, VP Channel and Alliances APJ at Cohesity, emphasised the programme’s role in enhancing cyber resilience, stating, “Aspire delivers the tools, flexibility, and future-ready framework partners need to grow.” The programme includes a centralised portal for resources and tools, and offers tiered levels of participation—Premier, Preferred, or Associate—with corresponding benefits.

The programme focuses on three key areas: profitable growth, technical strength, and differentiation. It offers competitive margins, partner-sourced deal rewards, and performance-based incentives. Technical professionals can gain exclusive Cohesity Accreditations, whilst the Cohesity Aces programme recognises top technical experts. Partners can also expand services and explore new revenue streams through professional services and training certifications.

“As businesses across Singapore and ASEAN accelerate their digital transformation, data resiliency and security against ransomware and cyber-attack has become a top priority. Cohesity’s commitment to the region and its innovative, AI-driven approach to safeguarding and recovering data sets a strong foundation for long-term success,” said Jacqueline Chay, Chief Operating Officer, AsiaPac Technology Pte Ltd. “We’re proud to strengthen our partnership and look forward to working together to deliver scalable, resilient data security solutions that help organisations thrive in an increasingly complex cyber landscape.”
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DBS is pioneering efforts to support small and medium-sized enterprises (SMEs) and heartland merchants in Singapore by enhancing their capabilities in live commerce. The bank’s research indicates that live commerce, a form of livestream shopping, could generate up to $1.3 billion (SGD 1.67 billion) in sales this year, representing 40% of the local social commerce market. This initiative is part of DBS’s strategy to help businesses tap into the growing trend of social commerce, which is expected to reach $3.2 billion (SGD 4.11 billion) in 2025.

The shift towards live commerce is largely driven by changing consumer habits, with more people spending time on social media platforms. DBS’s research highlights that social commerce is growing at a compound annual growth rate of 16%, with expectations to double by 2030. Live commerce offers a more engaging shopping experience, allowing real-time interaction between consumers and merchants, which significantly boosts conversion rates.

To support this growth, DBS has launched workshops and live-selling sessions for SMEs. In collaboration with TikTok and Boom Media, the bank has conducted social commerce workshops and live selling sessions, training over 70 participants in content creation and viewer engagement. The recent “SG60: Transforming Businesses for the Future” event, a 60-hour live-selling marathon, showcased 60 local businesses and generated nearly 15 million impressions on TikTok.

Chen Ze Ling, Group Head of Corporate and SME Banking at DBS, emphasised the importance of live commerce in helping SMEs reach regional customers without a physical presence overseas. Sachin Mittal, Head of Technology Research at DBS, noted that live commerce is becoming integral to the online shopping experience, particularly for mobile-first consumers.

Looking forward, generative artificial intelligence is expected to further enhance live commerce by offering real-time translation and round-the-clock livestreams, expanding market reach. This initiative underscores DBS’s commitment to helping businesses adapt to digital trends and seize new growth opportunities.
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HSBC Life Singapore has unveiled enhanced versions of three life insurance products—HSBC Life Diamond Prestige IUL II, HSBC Life Emerald Legacy Life III, and HSBC Life Goal Builder II—aimed at supporting the complex wealth planning needs of Singapore’s affluent and high-net-worth (HNW) individuals. These enhancements focus on long-term financial protection, intergenerational wealth transfer, and capital preservation.

The enhancements come as Singapore’s HNW population is projected to grow by over 15% between 2023 and 2028, according to Knight Frank’s 2024 Wealth Report. Ouling Lu, Chief Product Proposition Officer at HSBC Life Singapore, highlighted the importance of these solutions, stating, “Affluent and high-net-worth individuals and families often have cross-border assets and complex, multi-generational wealth needs.”

The HSBC Life Diamond Prestige IUL II now includes three new index options alongside the S&P 500, offering greater portfolio diversification. The HSBC Life Emerald Legacy Life III provides flexible payment terms and death benefit payout options, supporting estate planning. Meanwhile, the HSBC Life Goal Builder II, available exclusively through HSBC’s Wealth and Personal Banking channel, offers an increased welcome bonus of up to 55%, encouraging regular savings for goals like retirement and children’s education.

These product enhancements are part of HSBC Life’s broader integrated wealth and protection strategy, which also includes the recent launch of its first Health and Wellness Centre at The Star Vista. As Singapore’s affluent population continues to grow, these solutions aim to provide stability and predictability in wealth management.
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The Ascott Limited, a lodging business unit of CapitaLand Investment, is significantly expanding its global resort footprint with 11 new signings in the past 10 months. This expansion, achieved through management and franchise agreements, brings Ascott’s resort portfolio to approximately 50 properties worldwide, reflecting a strategic focus on the burgeoning leisure travel sector.

Ascott’s multi-typology brand strategy is at the heart of this expansion, adapting well-known brands such as Ascott, Citadines, and Oakwood for resort settings. Recent signings include properties in popular destinations like Phuket, Bali, and Phu Quoc, as well as emerging hotspots such as Cam Ranh and Sam Son in Vietnam. This strategic move aims to capitalise on the projected growth in global leisure travel, which is expected to triple to $15 trillion by 2040.

Serena Lim, Chief Growth Officer at Ascott, highlighted the appeal of their flex-hybrid model, which optimises returns by catering to both short and extended stays. “Owners are drawn to our model, which aligns the right brand and format to each resort setting, enabling differentiated guest experiences,” she said.

The expansion also strengthens Ascott’s presence in Vietnam, with new developments like the Lasong Hotel & Villas Sam Son and Citadines Selavia Phu Quoc. These properties offer a range of amenities, from boutique rooms and private villas to spa facilities and event spaces, enhancing the leisure experience for guests.

Ascott’s strategy not only aims to meet the rising demand for experiential stays but also leverages its Ascott Star Rewards programme to deepen member engagement and drive cross-destination travel. Ascott’s Chief Commercial Officer, Tan Bee Leng, noted that the expansion “unlocks a world of leisure-led experiences,” further enriching the loyalty journey for its members.
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A Singapore Armed Forces (SAF) regular serviceman was found unconscious at the Hendon Camp swimming pool on 9 August 2025 at 7:15 am. The serviceman, who appeared to have been training alone, was immediately given cardiopulmonary resuscitation (CPR) and an automated external defibrillator (AED) was used. Despite these efforts, he was pronounced dead at Changi General Hospital at 7:44 am.

The Singapore Police Force and Singapore Civil Defence Force were promptly activated, and the serviceman was transported to the hospital via an SCDF ambulance, with resuscitation attempts continuing en route. The Ministry of Defence and the SAF have expressed their deepest condolences to the serviceman’s family and are providing support during this difficult time.

This incident highlights the inherent risks associated with military training and the importance of safety measures, even during individual training sessions. The SAF’s response underscores their commitment to the welfare of their personnel, ensuring immediate medical intervention in emergencies.

The Ministry of Defence and the SAF are likely to conduct a thorough investigation to understand the circumstances surrounding the serviceman’s death, aiming to prevent similar incidents in the future.
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CapitaLand Ascendas REIT (CLAR) has announced its first foray into logistics developments in the UK, with a significant investment of S$350.1 million (£203.5 million). The initiative involves acquiring two plots of freehold land in the East Midlands, a key logistics hub, to develop four new logistics properties. This strategic move is expected to boost CLAR’s UK logistics portfolio by 43.5%, increasing its asset value to approximately S$1.2 billion.

The developments will take place on land plots known as Manton Wood and Towcester, with one logistics property at Manton Wood and three at Towcester. William Tay, Executive Director and CEO of the Manager, highlighted the importance of this expansion, stating, “Embarking on our inaugural logistics developments in the UK marks a significant step forward in our strategy to scale up CLAR’s UK logistics portfolio.”

The East Midlands, known for its centralised location and connectivity, is a traditional logistics heartland in the UK. The region’s strategic position is underscored by its proximity to major cities and transport routes, making it an attractive site for logistics operations. The new properties will feature best-in-class building specifications and aim to achieve BREEAM “Excellent” certifications, enhancing CLAR’s green-certified assets.

The investment is expected to yield attractive net property income, with a stabilised yield of approximately 7.3% pre-transaction costs. The developments are also anticipated to be distribution per unit (DPU) accretive, with a projected improvement of 0.021 Singapore cents.

The acquisition of the land from DHL Real Estate (UK) Limited is set to complete in Q3 2025, with development commencing in the first half of 2026 and completion expected between 2027 and 2028. This expansion aligns with CLAR’s broader strategy to enhance its logistics footprint across key markets, including Singapore and the US.
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Tuan Sing Holdings Limited has announced a net profit of $14.5 million for the first half of 2025, driven by fair value gains of $19.2 million from its investment properties and hospitality assets. The gains were primarily attributed to the asset enhancement works at Dunearn Village, formerly known as Link@896, in Singapore. Despite the profit, the Group experienced a 34% decline in revenue to $70.3 million due to reduced contributions from its real estate and hospitality segments.

The real estate investment segment saw an 11% drop in revenue to $24.5 million, largely due to ongoing enhancement works at Dunearn Village. The mall, located along Dunearn Road, is expected to positively impact recurring revenue upon its reopening. The Group’s CEO, William Liem, emphasised the importance of these gains, stating, “The fair value gains underscore the quality of our assets and the value creation of our asset enhancement works.”

In the hospitality sector, revenue decreased by 7% to $41.7 million, with the Residence on Langley Park in Perth experiencing a slower take-up following its rebranding. However, the Group’s Melbourne hotel operations showed improved performance, supported by increased occupancy and revenue per available room.

Looking ahead, Tuan Sing remains cautiously optimistic about the real estate sector despite global economic uncertainties. The Group continues to focus on enhancing asset value and exploring new opportunities across its key markets, including Singapore, Australia, and Indonesia. The asset enhancement programme at Dunearn Village is set for completion by December 2025, promising to bolster the Group’s recurring revenue streams.
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Maersk has released its Asia Pacific Market Update for August 2025, highlighting its position as the most reliable global ocean carrier with a 76% reliability score, according to the May 2025 Sea-Intelligence report. This score places Maersk more than 10 percentage points above the industry average of 66%, underscoring its commitment to dependable service amidst a dynamic and complex ocean freight market.

The report outlines the challenges faced by the Asia Pacific region, including global trade shifts, equipment imbalances, and seasonal congestion risks. Despite these hurdles, Maersk continues to enhance its strategic air gateways in Shanghai, Hong Kong, Singapore, and Bangkok. These hubs offer increased flexibility for cargo consolidation and routing, which is crucial for mitigating risks during congestion or geopolitical disruptions. They also play a significant role in connecting time-sensitive shipments to major consumer markets.

Inland logistics across the Asia Pacific is experiencing steady expansion in 2025, driven by decentralised manufacturing, rising consumption, and regional trade growth. Maersk is actively strengthening inland connectivity by expanding cross-border lorry corridors, including routes between China and Vietnam, Thailand and Malaysia, and India and Bangladesh.

The developments highlighted in Maersk’s update reflect the company’s strategic efforts to adapt to the evolving logistics landscape, ensuring reliable and efficient service for its customers. As the region continues to navigate complex trade dynamics, Maersk’s initiatives in both ocean and inland logistics are set to play a pivotal role in supporting regional trade growth and connectivity.
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