Regional News

Keppel REIT is set to maintain its positive rental growth trajectory, according to a recent update from RHB. The real estate investment trust (REIT) reported that its financial performance for the second quarter and first half of the year was in line with expectations, with rent reversions continuing to show double-digit growth. This trend is anticipated to persist, bolstered by the REIT’s strategic positioning amidst falling domestic interest rates and a significant portion of its debt being floating.

The REIT’s portfolio occupancy is expected to remain stable, with Keppel REIT positioned as a key beneficiary of the current economic climate. The trust’s exposure to floating debt—37% of its total—allows it to capitalise on savings from upcoming debt maturities and the resetting of perpetual securities. Furthermore, the potential for overseas asset divestments at a premium presents a significant catalyst for the REIT, which is currently trading at approximately a 25% discount to its book value.

Analyst Vijay Natarajan highlighted the REIT’s strategic advantages, noting, “Keppel REIT is one of the key beneficiaries of falling domestic interest rates.” This positions the trust favourably for future growth and stability.

Looking ahead, Keppel REIT’s focus on maintaining high occupancy levels and leveraging asset recycling initiatives is expected to enhance its yield. The trust’s portfolio, which includes high-quality Grade-A office assets in Singapore, Australia, and South Korea, supports its robust market position. As the REIT continues to trade below book value, it offers an attractive yield for investors seeking stable returns in a fluctuating market environment.
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Jardine Cycle & Carriage Limited (JC&C) has reported a 6% increase in underlying profit, reaching $529 million for the first half of 2025. The company attributes this growth to foreign exchange gains and reduced financing costs at the corporate level. Despite an 8% decline in total business contributions, primarily due to lower profits in its Indonesian operations, improvements in Vietnam and Singapore have bolstered the Group’s portfolio resilience.

The Group’s Managing Director, Ben Birks, noted, “Whilst the macroeconomic environment remains challenging, our Vietnamese businesses are expected to build on the country’s economic momentum for the rest of the year.” He emphasised the Group’s focus on long-term growth and shareholder returns.

JC&C’s Indonesian businesses contributed $466 million, a 9% decrease, whilst Vietnam’s contribution rose by 17% to $36 million. The Group’s profit attributable to shareholders was $371 million, down from $483 million in the same period last year, largely due to unrealised fair value losses on non-current investments.

The Board has declared an interim dividend of US¢28 per share, unchanged from 2024. Looking ahead, JC&C is reviewing its business strategies with portfolio companies to enhance future growth, with updates expected by the first half of 2026. Meanwhile, Astra, a key subsidiary, is advancing its strategic initiatives in automotive, renewable energy, and logistics infrastructure.
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Mercedes-Benz Singapore has launched its latest G-Class line-up, showcasing a blend of tradition and innovation with the introduction of the all-electric G 580, alongside the G 500 and the high-performance Mercedes-AMG G 63. The unveiling takes place at the G-HAUS event at Gillman Barracks from 1 to 3 August, offering an immersive experience for enthusiasts and potential buyers.

The new G-Class models are designed to appeal to both long-time fans and a new generation of luxury SUV drivers. The G 580 with EQ Technology marks Mercedes-Benz’s foray into electric off-road vehicles, whilst the G 500 and Mercedes-AMG G 63 continue to offer refined petrol-powered performance. Prices start at $782,888 for the G 580 and G 500, and $1,062,888 for the Mercedes-AMG G 63.

Marcel Luis Mustelier Perez, President and CEO of Mercedes-Benz Singapore, highlighted the brand’s strategic focus and customer trust, stating, “Our Top-End Vehicle segment, which includes icons like the S-Class and the legendary G-Class, has nearly doubled in volume, achieving close to 100% year-on-year growth.”

The G-Class continues to set standards in the luxury off-road segment, maintaining its iconic design whilst integrating modern technology. Features include the MBUX infotainment system, extensive customisation options through the MANUFAKTUR programme, and advanced off-road capabilities.

With this launch, Mercedes-Benz reaffirms its commitment to innovation and luxury, promising a future where tradition meets cutting-edge technology. The G-Class line-up is set to captivate both loyal enthusiasts and new customers, offering a unique blend of heritage and modernity.
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MetaOptics Ltd, a Singapore-based leader in semiconductor optics, has lodged its preliminary offer document for an initial public offering (IPO) on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST). The company, established in 2021, is the first pure-play metalens firm to pursue a public listing globally, highlighting its ambition to transform the optical supply chain for top technology companies.

The company specialises in glass-based metalenses enhanced by artificial intelligence (AI) for imaging, offering full-stack capabilities from design to product integration. MetaOptics’ products, including metalens camera modules and IoT devices, are designed for integration into various applications such as smartphones, augmented reality devices, and autonomous vehicles. The company’s proprietary AI algorithms enhance the performance of these systems, improving image resolution and colour fidelity.

MetaOptics plans to use the IPO proceeds for product development, business expansion, and working capital. Executive Chairman and CEO Mark Thng noted the global metalens market’s expected growth, with a projected compound annual growth rate of approximately 74.8% from 2024 to 2029. Thng stated, “Building on this momentum, our Group will leverage its core strengths to expand both our product portfolio and fabrication capabilities.”

The company ranks third globally among metalens firms with mass production capabilities and aims to expand into key overseas markets, reinforcing its supplier base to support growth. With its strategic initiatives, MetaOptics is poised to maintain its position at the forefront of optical innovation.
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Garuda Indonesia and Singapore Airlines (SIA) are set to deepen their commercial cooperation in August 2025, introducing joint sales of fare products, expanding codeshare destinations, and offering reciprocal lounge access. This collaboration aims to provide travellers with greater convenience and a wider range of fare options for flights between Singapore and Indonesia.

The expanded codeshare arrangement will allow Garuda Indonesia customers to access four additional SIA destinations: Bengaluru, Kolkata, and Delhi in India, as well as Malé in the Maldives. Conversely, SIA customers will benefit from connections to popular Garuda Indonesia routes, including Denpasar to Labuan Bajo and Jakarta to Lombok and Manado. Existing codeshare options will continue on flights between Singapore and key Indonesian cities, as well as SIA-operated flights to London and Mumbai.

From mid-August 2025, members of the GarudaMiles and KrisFlyer frequent flyer programmes will enjoy reciprocal lounge access at select locations, enhancing the travel experience for frequent flyers. Additionally, members can earn and redeem miles on the new codeshare routes, further integrating the two airlines’ services.

Garuda Indonesia plans to increase its flight frequency between Jakarta and Singapore to seven daily flights by the fourth quarter of 2025, subject to regulatory approval. This follows SIA’s increase to nine daily services between the two cities in May 2025.

Wamildan Tsani, President and CEO of Garuda Indonesia, expressed delight at the partnership’s strengthening, highlighting its role in enhancing customer experience and supporting bilateral relations. Goh Choon Phong, CEO of Singapore Airlines, noted the tangible benefits for customers and the collaboration’s potential to boost air travel between the two nations.
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AIA Singapore has announced the appointment of Owen Addison as its new Chief Human Resources Officer (CHRO), effective 1 October 2025. Addison will report directly to Wong Sze Keed, the Chief Executive Officer of AIA Singapore. This appointment follows the retirement of Aileen Tan, who has been a pivotal figure at AIA Singapore for over seven years.

Addison, who joined AIA in January 2017, brings extensive experience in HR business partnering, organisation transformation, and executive compensation. Before this role, he held several key positions within AIA Group Human Resources in Hong Kong, including Director of Human Resources. His previous experience also includes a consulting role at PwC.

Wong Sze Keed expressed confidence in Addison’s capabilities, stating, “Owen has demonstrated exceptional leadership and strategic vision throughout his tenure at AIA. With his proven track record in shaping and driving people and organisation strategies, AIA Singapore is confident that he will play a pivotal role in the company’s continued success.”

Aileen Tan, who will retire on 30 September 2025, has been instrumental in shaping AIA Singapore’s culture and values. She will continue to contribute her expertise to Amplify Health, leading the People and Culture team as a strategic guide and coach.

AIA Singapore remains committed to fostering a people-centric culture, prioritising talent development and internal mobility to provide the best opportunities for its employees.
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Singapore’s second Regional Industry Networking Conference (RINC) and Automation SolutionGO! event, held at the Singapore Polytechnic Convention Centre, highlighted the nation’s commitment to fostering innovation and talent in the automation sector. The event, attended by industry leaders and government officials, underscored the importance of collaboration and skill development to maintain Singapore’s competitive edge.

The Jurong Innovation District was spotlighted as a key hub for innovation, providing firms like VFlowTech access to National Technology University’s resources. This district attracts multinational companies such as Makino Asia and Hyundai Motor Group, offering smaller firms opportunities to leverage expertise and scale projects. The event also emphasised the significance of expanding talent pools through regional partnerships, such as Singapore Polytechnic’s collaboration with Malaysia, which aims to build industry-ready talent in the Johor-Singapore Special Economic Zone.

Partnerships were a central theme, with examples like Coca-Cola Singapore’s collaboration with A*STAR’s Advanced Remanufacturing and Technology Centre to develop a “cobot” for automating production lines. Additionally, local SME Moveon Technologies is set to launch a 3D printing solution for optical components at Formnext 2025, supported by the National Additive Manufacturing Innovation Cluster and Enterprise Singapore.

The event also featured a job fair with over 100 opportunities and workshops to prepare jobseekers for the future of work. The GO! Awards recognised outstanding contributions in business growth, sustainability, and technology utilisation, setting benchmarks for the industry.

The conference concluded with a call to action for participants to engage in conversations and collaborations that drive innovation and growth in the automation sector.
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CapitaLand India Trust (CLINT) has announced a 9% year-on-year increase in distribution per unit (DPU) to 3.97 Singapore cents for the first half of the financial year 2025, ending 30 June. The trust’s net property income rose by 14% in Indian Rupee terms and 10% in Singapore Dollar terms, driven by higher property income despite increased operating expenses.

The income available for distribution also saw a significant rise, growing by 15% in Indian Rupee terms and 10% in Singapore Dollar terms. This growth was attributed to higher net property income, although it was partially offset by increased net finance costs and Trustee-Manager fees.

Chief Executive Officer of CapitaLand India Trust Management, Gauri Shankar Nagabhushanam, highlighted the trust’s robust performance, stating: “CLINT’s strong first half results were underpinned by income contributions from newly completed developments, and supported by positive rental reversions and high occupancy rates.”

The trust’s total property income for the period increased by 14% year-on-year to INR9.6 billion, largely due to higher rental income from existing properties and new contributions from developments such as MTB 6 at International Tech Park Bangalore and CyberVale Free Trade Warehousing Zone in Chennai.

As of 30 June 2025, CLINT achieved a committed portfolio occupancy of 90% and recorded positive portfolio rental reversions of 9%. The trust’s gearing stood at 42.3%, which was reduced to 40.1% following the issuance of S$100 million in subordinated perpetual securities.

Looking ahead, CLINT plans to commence revenue contributions from one of its data centres in the second half of 2025. The trust is also pursuing asset divestments to unlock value and reduce debt, as part of its active portfolio management strategy aimed at enhancing financial flexibility and delivering sustainable returns for unitholders.
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The July 2025 Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercise saw a notable increase in demand, with 39,498 applicants vying for 10,209 flats, according to Huttons. This equates to 3.9 applicants per flat, surpassing February 2025’s rate of 3.2 and aligning closely with February 2024’s 4.0. The surge is attributed to rising resale flat prices and policy changes, such as increased allocation for second-timers and the Family Care Scheme.

The BTO exercise attracted more interest than the SBF, particularly in popular locations like Bukit Merah, Clementi, Toa Payoh, and Tampines. Simei Symphony, the first public housing project in over a decade in Simei, emerged as the most sought-after Standard BTO project, benefiting from its proximity to Upper Changi MRT station and high demand for 5-room flats.

Prime flats also saw a record number of applicants, exceeding 12,000, despite a higher clawback subsidy. Alexandra Peaks and Alexandra Vista, located near Redhill MRT station, drew over 3,300 applicants for 1,107 flats, significantly more than previous exercises. Clementi Emerald maintained its appeal with over 3,100 applicants, thanks to its prime location and short completion period.

Toa Payoh Ascent attracted nearly 5,900 applicants for 741 flats, underscoring the area’s popularity. The median application rate for 2-room flexi flats among singles rose to 8.4 in July 2025, driven by policy relaxations and attractive locations. These trends highlight the ongoing demand for public housing in Singapore’s mature estates.
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Seatrium Limited, formerly known as Sembcorp Marine Limited, has agreed to pay a financial penalty of $110 million under a Deferred Prosecution Agreement (DPA) with the Public Prosecutor. This agreement, announced on 30 July 2025, addresses corruption offences that occurred in Brazil, marking a significant legal development for the company.

The DPA is a legal arrangement that allows Seatrium to avoid prosecution by fulfilling certain conditions, including the payment of the hefty penalty. This agreement is part of the company’s efforts to resolve allegations of corruption linked to its operations in Brazil. The offences, which have not been detailed in the announcement, underscore the ongoing challenges multinational corporations face in maintaining compliance with international anti-corruption laws.

The financial penalty reflects the seriousness of the offences and the company’s commitment to rectifying past misconduct. By entering into the DPA, Seatrium aims to demonstrate its dedication to ethical business practices and compliance with legal standards. This move is expected to have significant implications for the company’s operations and reputation, both in Brazil and globally.

As Seatrium navigates the terms of the DPA, the company will likely focus on strengthening its internal compliance measures to prevent future violations. The resolution of these legal issues may also impact its financial performance and strategic direction in the coming years.
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