Regional News

Mondrian Singapore Duxton has announced the appointment of Stephen Day as its new Music Director, a move that aims to enhance the hotel’s cultural and nightlife offerings. Known for his influential role in Singapore’s music and nightlife scene, Day will oversee the sonic identity of the hotel and its signature cocktail bar, Jungle Ballroom. His appointment is set to bolster Mondrian’s commitment to creativity and community engagement.

Day brings over two decades of experience as a DJ, producer, and promoter, having worked with iconic venues such as Ministry of Sound, CE LA VI, and Kilo Lounge. His expertise in house, disco, and soulful underground rhythms will be pivotal in crafting immersive soundscapes for both hotel guests and nightlife patrons. “Mondrian is a platform for creative energy, and I am excited to be part of a community that thrives on new perspectives and creativity,” Day stated.

The appointment is part of Mondrian Singapore’s broader strategy to expand its cultural programming across art, fashion, food, and music. By integrating Day’s globally informed perspective, the hotel aims to deliver genre-pushing nightlife experiences that blur the lines between hospitality and culture. This development signals a new chapter for Mondrian Singapore Duxton, promising to create unforgettable memories and foster community through music.
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Singapore’s banking sector is adopting a cautious stance for the remainder of 2025, as revealed in CGS International’s latest Q2 results briefing. DBS Group and United Overseas Bank (UOB) both reported mixed outcomes, with DBS showing resilience in net interest income (NII) despite a 7 basis point compression in net interest margin (NIM) to 2.05%. Meanwhile, UOB’s NIM fell by 9 basis points to 1.91%, slightly below expectations.

DBS’s Q2 net profit was bolstered by lower provisions, with a core net profit of S$2.82 billion, a 1% year-on-year increase. The bank’s management highlighted a decoupling between the US Federal Reserve’s rates and local rates, impacting forecasts. DBS holds S$90 billion in floating-rate assets, and every 1 basis point change could affect NII by S$5 million. Despite this, strong deposit inflows in July suggest potential for NII growth through strategic deployment into loans and non-loan assets.

UOB, on the other hand, is focusing on managing its general provisions, with a specific provision of 32 basis points linked to a single US commercial real estate account. The bank’s Q2 net profit of S$1.34 billion fell short of expectations, attributed partly to a change in accounting policy affecting joint ventures and associates. UOB has revised its full-year guidance, lowering expectations for loan and fee income growth.

The sector faces potential risks, including increased loan loss provisions and slower loan growth in the second half of 2025. However, DBS remains a top pick for its dividend yield visibility from 2025 to 2027. As the year progresses, banks will need to navigate these challenges whilst capitalising on liquidity inflows to sustain growth.
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ICH Group has emerged as a pivotal investor in the recent Initial Public Offerings (IPOs) of Lum Chang Creations, InfoTech, and Goodwill Entertainment on the Singapore Exchange (SGX) Group. This strategic move marks a resurgence in local listings after a two-year lull and underscores ICH’s commitment to invigorating Singapore’s small and mid-cap market. Since its founding in 2000, ICH has advised and invested in over 200 SGX-listed companies, deploying more than $1 billion into high-growth sectors such as technology, healthcare, and sustainability.

The group’s integrated platform—comprising ICH Asset Management, ADDX, and ICAPITAL—serves as a comprehensive solution for businesses at various stages of their capital journey. This approach has been instrumental in bridging local capital gaps and attracting global investors committed to Singapore’s long-term equity market vision. “Our partnerships with foreign companies, coupled with our local market expertise, allow us to be an effective bridge for inbound capital,” said Vincent Toe, co-founder of ICH Group.

ICH’s unique model combines advisory, capital raising, and long-term partnerships, supporting companies from early-stage rounds to post-listing strategies. Notably, ICH played a crucial role in the strategic spinoff of Yangzijiang Financial, enhancing shareholder value and positioning both entities for accelerated growth.

Additionally, ICH is expanding its cross-border capital capabilities, acting as a gateway for Chinese institutional capital into Southeast Asia through the Qualified Domestic Limited Partner (QDLP) programme. This initiative is particularly valuable as global capital flows diversify towards Asia. “Our QDLP partners see a generational growth opportunity in ASEAN’s digital and sustainable economies,” Toe added.

As geopolitical and regulatory challenges arise in other regions, SGX is becoming an attractive platform for international issuers, particularly in sectors like new energy and biotechnology. ICH aims to prepare these companies for international listing requirements, ensuring their long-term success as public entities.
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The Ascott Limited, a subsidiary of CapitaLand Investment, has been chosen by Coronade Properties to manage the hotel component of the Coronation Square development in Johor Bahru. This strategic location within the Ibrahim International Business District (IIBD) and the Johor-Singapore Special Economic Zone (JS-SEZ) will be directly linked to the upcoming Rapid Transit System (RTS) Link, enhancing cross-border accessibility.

This agreement, signed today in Singapore, marks the first major hospitality collaboration since the historic JS-SEZ agreement between Malaysia and Singapore in January 2025. The project introduces the premier Ascott brand to Johor Bahru, expanding its presence in Malaysia to six properties, with others located in Kuala Lumpur and Penang.

Ascott Coronation Square Johor Bahru, set to open in the second half of 2029, will feature 207 rooms and cater to both leisure and business travellers. The hotel will offer comprehensive facilities, including a restaurant, swimming pool, fitness centre, and meeting rooms. It aims to provide a sanctuary of fine living with Ascott’s signature touches and curated experiences.

Coronation Square, a RM5 billion ($___) development by Coronade Properties, is designed to transform Johor Bahru into a world-class metropolis. It will include a hotel, medical, office, and residential components, as well as a 1.2 million-square-foot mall. The development will be directly connected to the RTS station at Bukit Chagar, enhancing seamless cross-border travel.

Datin Paduka Alinah Ahmad of Coronade Properties expressed pride in partnering with Ascott, highlighting the project’s role as a gateway for business and leisure travellers. Wong Kar Ling of Ascott emphasised the strategic importance of the JS-SEZ and RTS in driving Johor Bahru’s growth, reinforcing Ascott’s commitment to Malaysia’s hospitality landscape.
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Beng Kuang Marine Limited has announced a revenue of S$50.79 million for the first half of 2025, with a gross profit of S$19.42 million. The company generated S$10.01 million in net cash from operating activities, demonstrating resilience despite foreign exchange losses of S$1.19 million. The group’s profit attributable to shareholders stood at S$2.91 million, slightly down from S$3.06 million in the same period last year, excluding a one-time gain.

The group’s transition to an asset-light, service-oriented business model has been pivotal, with its Infrastructure Engineering (IE) division contributing S$41.17 million and the Corrosion Prevention (CP) division adding S$9.59 million to the revenue. The IE division’s focus on floating production platforms and offshore services has been a significant revenue driver, despite some project delays.

CEO Yong Jiunn Run expressed cautious optimism, stating, “Despite a slower start to the year and persistent headwinds from a weaker USD, we remain cautiously optimistic on our overall performance.” He emphasised the company’s focus on cash flow, profitability, and sustainability, which supports their strategic positioning in the offshore and marine sectors.

The group’s gross profit margin improved to 38.2% from 35.5% in the previous year, attributed to enhanced cost control and productivity improvements. Looking forward, Beng Kuang aims to sustain its business momentum and capture emerging opportunities in the offshore and marine industries.
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SIA Engineering Company Limited (SIAEC), a leading aircraft maintenance, repair, and overhaul (MRO) provider in the Asia-Pacific region, is set to expand its operations in the Philippines. Its local subsidiary, SIA Engineering (Philippines) Corporation (SIAEP), will commence operations at the Ninoy Aquino International Airport (NAIA) by September 2025. This move underscores SIAEP’s confidence in NAIA’s ongoing improvements and its potential as a key aviation hub.

SIAEP, already operating out of Clark, is majority-owned by the Singapore Airlines Group and supports many of the world’s top airlines. The expansion to NAIA is expected to benefit local carriers and the broader aviation industry by creating opportunities for skills development, knowledge transfer, and job creation in aircraft maintenance.

Ramon S. Ang, President and CEO of New NAIA Infra Corp. (NNIC), expressed enthusiasm about the development, stating, “This is a big boost for NAIA and for Philippine aviation. We welcome SIAEP and look forward to working closely with them to improve support for airlines operating here.”

The presence of SIAEP at NAIA is anticipated to enhance aircraft turnaround times and technical support, benefiting both airlines and passengers. Additionally, other major MRO companies have shown interest in establishing operations at NAIA, promising more choices and improved service options for airlines.

“This is part of our broader push to raise NAIA’s standards and make it a better, more reliable gateway not only for travellers, but for the aviation industry as a whole,” Ang added.
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United Overseas Bank (UOB) has announced a 3% increase in its operating profit for the first half of 2025 (1H25), reaching S$4.0 billion, driven by significant growth in fee income. However, net profit saw a 3% decline to S$2.8 billion, attributed to pre-emptive general allowances set aside in response to macroeconomic uncertainties. The bank declared an interim dividend of 85 pence per ordinary share, with an additional 50 pence special dividend as part of its capital distribution package.

The bank’s net interest income remained stable year-on-year, with loan volume growth offsetting margin compression from lower benchmark rates. Non-interest income showed positive momentum, with net fee income rising 11% across wealth management, loan-related services, and credit cards. Despite a slight dip in trading activities, customer-related treasury flows contributed to a 1% increase in other non-interest income.

UOB’s cost-to-income ratio improved to 43.5% from 44.4% the previous year, thanks to tighter cost management. Asset quality remained stable, with a non-performing loan ratio of 1.6%. Credit costs for 1H25 were 34 basis points, reflecting higher specific allowances and pre-emptive provisions.

Group Wholesale Banking faced a 12% decline in profit before tax due to lower interest rates and competition. However, investment banking achieved record fees, and transaction banking remained a key contributor, supported by a 12% increase in trade loans. Group Retail Banking reported an 11% rise in profit before tax to S$1.1 billion, driven by growth in CASA, wealth, and cards.

Deputy Chairman and CEO Wee Ee Cheong highlighted the bank’s robust fee growth and resilient asset quality, stating, “Our regional franchise has gained significant scale following the Citigroup acquisition.” He expressed confidence in ASEAN’s long-term prospects, emphasising UOB’s commitment to supporting clients and investing in sustainable growth.
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HDFX, a Singapore-based events and experiential marketing agency, has successfully orchestrated the launch of EcoSwift’s Battery Charge and Swop Station, the nation’s first public charging and battery-swop facility for electric heavy commercial vehicles. Located in Tuas, the station was unveiled on 1 August 2025, representing a pivotal move towards sustainable transportation in Singapore.

The launch event, managed by HDFX, featured a 3D, to-scale replica of the Battery Charge and Swop Station, which served as both an educational centrepiece and the official launch mechanism. This innovative display was synchronised with the unveiling moment, symbolising the activation of the new infrastructure. A giant LED screen further enhanced the experience by highlighting the station’s main features and key messages.

HDFX was responsible for the complete logistical setup, including tentage, cooling systems, AV equipment, and guest flow management. The agency also coordinated a live demonstration of EcoSwift’s swop technology, capturing the attention of both media and attendees. Ryan Woon, CEO of EcoSwift, expressed satisfaction with the event, stating, “From concept to execution, the HDFX team delivered with creativity, professionalism, and attention to detail.”

Miki Hay, Founder and Managing Director of HDFX, emphasised the alignment of EcoSwift’s vision with HDFX’s values, saying, “We believe in partnering with brands that are bold and purpose-driven, and we’re proud to have helped bring their values to life at their launch event.”

Founded in 2004, HDFX has completed over 2,000 events and formed more than 150 brand partnerships, blending creativity and strategic insights to deliver impactful campaigns across Asia. The successful launch of EcoSwift’s Battery Charge and Swop Station underscores HDFX’s commitment to supporting sustainable initiatives in Singapore.
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Christie’s International Real Estate Singapore has announced a collaboration with Al Hamra to offer exclusive investment opportunities in Ras Al Khaimah (RAK), United Arab Emirates. The initiative aims to attract Singapore-based investors to RAK, which is emerging as a prime real estate destination with projects like the SGD 6.5 billion Wynn Al Marjan Island resort, expected to open in 2027.

RAK’s transformation is reminiscent of Singapore’s own development following the launch of Marina Bay Sands and Resorts World Sentosa. The Wynn Al Marjan Island is projected to increase annual visitors from 1.5 million in 2022 to over 5.5 million by 2030, significantly boosting the local economy and real estate demand.

RAK offers a stable investment environment with an ‘A+’ sovereign credit rating, full foreign ownership rights, and no personal income tax. Property prices start at approximately SGD 500,000, with investments of SGD 700,000 qualifying for a 10-year renewable UAE Golden Visa. This visa provides long-term residency benefits, making RAK an attractive option for investors.

Harmeet Singh Bedi, Co-Founder of Christie’s International Real Estate Singapore, highlighted RAK’s potential, stating, “Ras Al Khaimah feels like what Dubai was 20 years ago, or Singapore in its early transformation phase.” The partnership with Al Hamra, a key player in RAK’s development, further strengthens this investment opportunity.

Christopher Hewett, Senior Vice President of Al Hamra, noted the growing international interest in RAK, driven by its natural beauty and thriving business environment. With over 30,000 new businesses established last year, RAK is poised for significant growth, offering early investors a unique opportunity to enter a burgeoning market.
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A.P. Moller – Maersk A/S (Maersk) has announced an increase in its full-year guidance following a robust performance in the second quarter. The company achieved a 2.8% rise in revenue, with earnings before interest and taxes (EBIT) reaching $845 million. This performance aligns with the previous year’s results, despite facing significant geopolitical uncertainties and ongoing rate pressures.

The company’s success in Q2 was largely attributed to strong results in its Terminals segment, volume growth in its Ocean division, and increased profitability in Logistics & Services. Maersk also highlighted the impact of continued operational improvements and stringent cost discipline across all business segments.

The announcement comes as Maersk navigates a volatile external environment, marked by geopolitical tensions and fluctuating market conditions. The company’s ability to maintain steady performance under these circumstances underscores its strategic resilience and operational efficiency.

Looking ahead, Maersk’s revised full-year guidance reflects confidence in its ability to sustain growth and profitability amidst ongoing challenges. The company’s focus on operational excellence and cost management is expected to play a crucial role in achieving its financial targets for the year.
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