Regional News

Singapore’s retail sales increased by 1.4% year-on-year in May 2025, driven largely by a significant 10.4% rise in motor vehicle sales, according to Zavier Wong, Market Analyst at eToro. This surge followed a temporary increase in the Certificate of Entitlement (COE) quota. However, Wong cautioned that when excluding motor vehicles, core retail volumes have been declining since March.

The Monetary Authority of Singapore (MAS) has highlighted potential softening in labour demand, which could further impact household sentiment as the year progresses. Wong noted that whilst consumers continue to spend, they are doing so with more caution, prioritising essentials over non-essential items, particularly in mid-range lifestyle categories.

Wong pointed out that regional platforms such as Sea Ltd. and Grab Holdings could serve as indicators of consumer behaviour shifts. If growth in Shopee’s Gross Merchandise Value (GMV) and Grab’s delivery volumes begins to flatten, it may suggest broader caution across the region, affecting not only e-commerce but also dining, mobility, and lifestyle services.

Looking forward, discretionary spending categories may face increased pressure in the latter half of the year, especially if the labour market weakens. The MAS has already signalled risks of moderation in hiring and wages. The forthcoming labour market report, expected in mid-September, will be crucial in assessing whether consumers are entering a more cautious phase due to weaker income expectations.
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Singapore’s construction industry is investing heavily in technology, with 28% of its expenditure now dedicated to digital tools, according to the latest report by Autodesk and Deloitte. This marks a significant increase from the previous year, where only 21% of spending was allocated to technology. The report, which surveyed nearly 900 construction businesses across six Asia Pacific markets, highlights Singapore as a leader in digital adoption, using an average of 7.3 technologies compared to the regional average of 6.2.

The findings underscore the benefits of digital maturity, with firms reporting improved project outcomes and financial performance. Notably, companies with higher digital adoption experienced a 50% reduction in safety incidents and delivered 1.5% more projects under budget. Jeff Larrick, Senior Director of APJ Construction Cloud at Autodesk, noted, “It is highly encouraging to see construction businesses in Singapore continue accelerating their investment into technology.”

Singapore’s focus on digitalisation is partly driven by government initiatives such as the Building and Construction Authority’s Built Environment Industry Transformation Map, which promotes the use of digital tools like Building Information Modelling (BIM). The local industry is poised for further growth, with construction contracts valued at $34 billion to $38 billion (S$47 billion to S$53 billion) expected in 2025.

Despite the progress, challenges remain, including economic uncertainty and rising costs. However, the industry is optimistic, with 26% of budgets now allocated to new technologies and research and development, a 40% increase from last year. As Singapore continues to embrace digital tools, it sets a benchmark for innovation in the construction sector.
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Trust Bank Singapore is marking Singapore’s 60th birthday with a unique feature on its app, offering users a nostalgic journey through the nation’s history. The SG60 timeline, accessible via the Trust App login screen, showcases significant moments from Singapore’s past, enhanced with playful visuals and quirky trivia. This initiative aims to evoke fond memories and curiosity among users, with new features being added every few days until 15 August.

The timeline highlights pivotal events such as Singapore’s independence in 1965, the launch of the MRT system in 1987, and the opening of Gardens by the Bay in 2012. Over 150,000 users have already engaged with the timeline, reflecting its appeal and the shared pride in Singapore’s journey.

Naveen Sethia, Head of Design & Customer Experience at Trust, expressed the sentiment behind the project: “Singapore turns 60, and with it comes a wave of nostalgia and pride. To honour this milestone, we’ve curated a special SG60 series on your Trust App login screen – a tribute to the iconic moments, shared memories, and journey that have shaped the nation over the past six decades. We hope these snapshots of history bring a smile, spark curiosity, and stir up fond memories each time you log in.”

This initiative not only celebrates Singapore’s rich history but also reinforces Trust Bank’s commitment to engaging with its customers through innovative and culturally resonant experiences. As the timeline continues to evolve, users can anticipate more cherished memories being brought to life on their screens.
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Standard Chartered and PGGM have successfully executed Shangren VII, the first risk-sharing deal in Singapore to receive capital relief. This transaction, finalised in March 2025, involves a $1.5 billion portfolio of trade finance loans to companies across Asia, the Middle East, and Africa. It is part of Standard Chartered’s long-standing synthetic significant risk transfer securitisation programme, Shangren.

Shangren VII is notable for being the first transaction of its kind to recognise capital relief benefits in a Singapore banking subsidiary. The deal employs a dual-credit default swap structure, allowing Standard Chartered to claim capital relief both at the group level and within its Singapore entity. Teo Puay Tin, Head of Distribution, Credit and Portfolio Management at Standard Chartered, stated, “Shangren VII testifies the successful extension of the dual-CDS structure and adds risk-sharing securitisation into our Singapore subsidiary’s toolkit for its balance sheet capital and risk management.”

The collaboration between Standard Chartered and PGGM dates back to 2008, with Shangren VII marking their twelfth credit risk-sharing transaction. This partnership previously led to the first capital relief transaction in Hong Kong in 2022. Barend van Drooge, Deputy Head of Credit Risk Sharing at PGGM, commented, “This transaction with Standard Chartered is especially meaningful as it further expands recognition of credit risk-sharing as a valuable credit risk and capital management tool in Asia.”

The successful execution of Shangren VII underscores the evolving landscape of risk-sharing in the financial sector, potentially paving the way for similar transactions in the region.
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Geyer Valmont has announced a major investment to transform its Singapore studio into a global innovation hub, spearheaded by newly appointed Managing Principal of Design, Robert Price. This initiative aims to reimagine the traditional design studio model by integrating advanced technology and innovative working methods, positioning the Singapore studio at the forefront of the company’s global operations.

Since the merger of Geyer and Valmont in 2020, the unified brand has expanded its service offerings, delivering bespoke fit-out solutions worldwide. The Singapore studio’s transformation is part of a strategic roadmap to enhance design capabilities and client engagement. CEO Marcel Zalloua emphasised the importance of technology-led innovations, stating, “Our Singapore studio has built an iron clad reputation for delivering high quality design and fit outs that elevate our clients’ visions for their spaces.”

Robert Price, who joined Geyer Valmont last year, brings over 25 years of experience in leading design and architectural teams. He will focus on implementing a new model that enhances working methods and introduces a suite of technology tools. Price remarked, “As the innovation hub, the Singapore studio will drive new capabilities and approaches that will be adopted across Geyer Valmont’s global operations.”

The studio has recently completed several bespoke workplace designs, including projects like TERRA and Authentic Brand Group, which blend hospitality, business utility, and corporate functionality. As the studio evolves, Regional Design Director Doug Newkirk will depart, having contributed significantly to the company’s major projects over the past three years.
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Standard Chartered and PGGM have successfully executed Shangren VII, the first risk-sharing deal in Singapore to receive capital relief. This landmark transaction involves a $1.5 billion portfolio of trade finance loans to companies across Asia, the Middle East, and Africa, which are key regions for Standard Chartered. The deal, finalised in March 2025, is part of the bank’s long-standing synthetic significant risk transfer securitisation programme, Shangren.

Shangren VII is notable for its dual-credit default swap structure, allowing Standard Chartered to claim capital relief both at the group level and within its Singapore entity. This advancement in the risk-sharing market underscores the collaborative efforts between Standard Chartered and PGGM, which have been partners since 2008. The transaction is their twelfth credit risk-sharing collaboration and the seventh involving Standard Chartered’s trade finance portfolio.

Teo Puay Tin, Head of Distribution, Credit and Portfolio Management at Standard Chartered, highlighted the significance of the transaction, stating, “Shangren VII testifies the successful extension of the dual-CDS structure and adds risk-sharing securitisation into our Singapore subsidiary’s toolkit for its balance sheet capital and risk management.” Barend van Drooge, Deputy Head of Credit Risk Sharing at PGGM, added, “This transaction with Standard Chartered is especially meaningful as it further expands recognition of credit risk-sharing as a valuable credit risk and capital management tool in Asia.”

The successful execution of Shangren VII not only strengthens the partnership between Standard Chartered and PGGM but also sets a precedent for future risk-sharing transactions in Singapore’s banking sector.
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Singapore’s industrial sector experienced a notable upswing in Q2 2025, with total leasing volume rising 7.6% year-on-year to 3,360 tenancies, marking the highest level since Q3 2021, according to Savills Singapore. This growth comes amidst a backdrop of fluctuating trade policies and ongoing negotiations between regional governments and the US.

The report by Savills highlighted a mixed performance in rental prices across different segments. Monthly rents for prime multiple-user factories decreased by 1.4% quarter-on-quarter to $2.26 per square foot, whilst prime warehouse and logistics properties saw a 4.3% increase to $1.76 per square foot. Strata industrial sales also showed signs of recovery, with a 4.2% rise in transactions to 393.

Property prices for 30- and 60-year leasehold properties continued their upward trend, increasing by 2.0% and 3.5% quarter-on-quarter, respectively. Freehold property prices rebounded with a 2.3% rise to $850 per square foot. Business park rents also climbed, with prime business parks increasing by 0.7% to $6.40 per square foot, and standard business parks rising by 0.4% to $4.13 per square foot.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted the uncertainty surrounding US tariff policies, stating, “As the bedrock of trade flows gives way to shifting sands, business decisions are in stasis until US tariff policies firm up.” Despite these uncertainties, the expected tapering of factory and warehouse space supply in the second half of 2025 may help stabilise vacancy rates and support rental growth.
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Heraeus Materials Singapore celebrated its 40th anniversary on 1 August 2025 at Conrad Singapore Marina Bay, highlighting its journey of innovation and partnership. The event showcased Heraeus’ commitment to addressing industry challenges through a three-pronged innovation strategy: miniaturisation, new material development, and sustainability. The company emphasised its role in advancing semiconductor packaging materials, crucial for AI, data centres, and electric vehicles.

The celebration underscored Heraeus’ dedication to sustainability, with a roadmap to reduce emissions by 2030. This includes using recycled gold and tin, significantly cutting CO₂ emissions. Heraeus also announced an AI-driven materials development programme to enhance product customisation and reduce development time.

Singapore remains central to Heraeus’ global strategy, serving as a hub for research, development, and collaboration. The company has strong partnerships with EDB Singapore, local universities, and ecosystem partners. Li-San Chan, Global Business Line Head – Semiconductor Materials, stated, “Customers want lower cost, faster delivery, and constant innovation. Our answer is to integrate people, process, and technology, not just to create better materials, but to become a trusted, reliable partner they can build with.”

The semiconductor market is poised for accelerated growth, driven by AI and wireless technologies. Heraeus projects the packaging market to grow from $64.2 billion (£50.3 billion) in 2024 to $123 billion (£96.3 billion) by 2029. Despite geopolitical uncertainties, the automotive sector is expected to grow by 5–7%.

Heraeus’ 40th anniversary not only celebrates past achievements but also reaffirms its commitment to future innovations in advanced materials.
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Hennessy has launched its 2025 Mid-Autumn Festival Limited Edition collection, featuring unique designs of its V.S.O.P and X.O cognacs in collaboration with global icon Jackson Wang. This marks the fourth year of their partnership, celebrating the evolving enjoyment of cognac across Asia with bold designs and modern rituals.

The Limited Edition bottles are inspired by Wang’s personal serves: the “Henny Tea”—a refreshing mix of V.S.O.P with oolong tea and ice—and X.O served on ice with sparkling water. These bottles are crafted to be gifted, shared, and savoured beyond the festival period.

In Singapore, the Limited Edition V.S.O.P, priced from $85 (SGD $115), will be available at major supermarkets such as FairPrice and Cold Storage, whilst stocks last. Additionally, fans can experience complimentary tastings of the “Henny Tea” at select in-store activations every Friday to Sunday from 4PM to 9PM throughout August. These tastings will be held at Cold Storage Great World City, Cold Storage Tanglin Mall, FairPrice Centrepoint, and FairPrice Clarke Quay.

This collaboration not only highlights the creative synergy between Hennessy and Jackson Wang but also underscores the brand’s commitment to connecting with its audience through innovative and culturally resonant offerings. As the Mid-Autumn Festival approaches, these limited editions are set to enhance the celebrations with their unique flavours and designs.
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Parkway Life Real Estate Investment Trust (PLife REIT) has reported a robust performance for the first half of 2025, with gross revenue increasing by 8.1% year-on-year to S$78.3 million. This growth is attributed to higher rental contributions from its Singapore hospitals and new acquisitions in Japan and France. The net property income also saw an 8.0% rise, reaching S$73.8 million.

Distributable income to unitholders grew by 9.5% year-on-year to S$49.9 million, translating into a 1.5% increase in Distribution per Unit (DPU) to 7.65 Singapore cents. The expansion into France in 2024, which marked PLife REIT’s first foray into Europe, contributed significantly to this growth. The acquisition of 11 nursing homes in France and one in Japan provided a stable income stream, despite the depreciation of the Japanese Yen.

PLife REIT’s portfolio now includes 75 properties across Singapore, Japan, Malaysia, and France, valued at approximately S$2.46 billion. The strategic geographic diversification aims to reduce reliance on the Japanese market and tap into mature healthcare markets with long-term demand drivers.

Chief Executive Officer Yong Yean Chau stated, “Our resilient 1H 2025 results reflect the strength of PLife REIT’s core portfolio and our commitment to disciplined growth.” With a gearing ratio of 35.4% and no long-term refinancing needs until September 2026, PLife REIT is well-positioned to navigate market volatility and continue delivering sustainable returns.
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