Regional News

The newly launched Penrith condominium project in Margaret Drive has achieved remarkable sales success, with 447 out of 462 units sold over the weekend. This represents a 97% take-up rate, according to Kelvin Fong, CEO of PropNex. The project, located in the Rest of Central Region, follows the successful launch of Skye at Holland and is the fifth new project this year to exceed a 90% sales rate during its launch.

The larger units at Penrith have been particularly popular, indicating strong demand from families and owner-occupiers. The absence of one-bedroom units further underscores its family-focused design. Most buyers are Singaporeans, reflecting robust local demand in the primary market.

Penrith’s appeal is bolstered by its proximity to Queenstown MRT station, several schools, and a variety of retail and dining options, including the Margaret Drive Hawker Centre and IKEA Alexandra. The project’s location in Queenstown, which has not seen new condo launches since 2018, has likely contributed to the pent-up demand.

Competitive pricing and the recent easing of interest rates, with the 3-month compounded SORA at 1.4% as of 17 October, have made the project more affordable. Additionally, a rally in the stock market and positive economic growth in Singapore may have increased buyer confidence.

Looking ahead, upcoming projects like Zyon Grand and The Sen are expected to maintain interest in the Rest of Central Region, appealing to HDB upgraders and those seeking a balance of accessibility, location, and value.

GuocoLand’s latest development, Faber Residence, located in the exclusive Faber Walk enclave in Clementi, achieved impressive sales during its launch on 18 October 2025. Out of 399 units, 344 were sold, marking an 86% take-up at an average price of $1,580 (S$2,160) per square foot. Prices began at $936,000 (S$1.28m) for a 646 sq ft two-bedroom unit.

Faber Residence, comprising nine five-storey blocks, saw all 80 two-bedroom and 199 three-bedroom units fully sold. More than half of the larger four- and five-bedroom units were also snapped up. The majority of buyers are Singaporeans and permanent residents, primarily owner-occupiers drawn to the development’s strategic location, riverfront setting, and proximity to schools like Nan Hua Primary School.

Dora Chng, Residential Director at GuocoLand, noted, “Many of our buyers expressed that they appreciate the serenity they can enjoy in an entirely private estate, which is very rare in Clementi.” The development’s connectivity and access to the Ulu Pandan Park Connector were also significant attractions.

The condominium offers excellent transport links, with the Ayer Rajah Expressway and Pan Island Expressway nearby, and several bus routes providing direct services to Marina Centre. Faber Residence is also close to Jurong East and Clementi MRT stations, with future connectivity to the Cross Island Line and Jurong Region Line.

Jointly developed with TID Pte. Ltd. and Hong Leong Holdings Limited, Faber Residence is expected to be completed in 2029.

PT TransNusa Aviation Mandiri, known as TransNusa, is set to launch a new international flight route from Bali to Singapore, commencing on 17 November. The airline began selling tickets for this route on 17 October, with prices starting at $79 (S$109). This new service is part of TransNusa’s strategy to expand its international presence, catering to the significant demand from Singaporean tourists visiting Bali.

Initially, TransNusa will operate three weekly flights on Mondays, Fridays, and Sundays, with plans to increase to daily flights from 30 November. The flights will depart Bali’s I Gusti Ngurah Rai International Airport at 7:30 am, arriving at Singapore Changi Airport at 9:55 am. The return flight will leave Singapore at 10:55 am, landing in Bali at 1:30 pm. The airline will utilise its Airbus A320, which accommodates 174 passengers, for this route.

TransNusa’s CEO, Datuk Bernard Francis, highlighted the importance of this route, stating, “The Bali-Singapore international route is significant to TransNusa as Singaporeans are one of ASEAN’s top tourists for Bali.” The airline offers various service packages, including SEAT, SEATPLUS, and FLEXIPRO, which provide benefits such as additional baggage allowance and flexible booking options.

TransNusa, established three years ago, has rapidly expanded its network, becoming the first Indonesian airline to introduce several new routes. The airline continues to focus on providing affordable yet premium services, aiming to enhance travel experiences for its passengers.

Malaysia and Singapore have announced the development of two new interconnections to facilitate cross-border electricity trade. This initiative, revealed on 17 October, aims to enhance energy security and sustainability for both nations. The interconnections will allow for the exchange of up to 100 megawatts of electricity, significantly increasing the capacity for energy trade between the two countries.

The new infrastructure is expected to be operational by 2025, marking a significant step in regional energy cooperation. The interconnections will not only bolster energy security but also support Singapore’s transition towards a low-carbon energy future. By integrating more renewable energy sources, both countries aim to reduce their carbon footprints and contribute to regional sustainability goals.

A spokesperson from the Ministry of Trade and Industry highlighted the importance of this development, stating, “These interconnections will enhance the resilience of our power systems and support our climate change commitments.”

The project underscores the growing trend of regional collaboration in energy markets, as countries seek to optimise resources and improve energy efficiency. The increased capacity for electricity trade is expected to provide economic benefits, including potential cost savings for consumers and businesses.

As the project progresses, both governments will continue to work closely to ensure the successful implementation and operation of the interconnections. This collaboration sets a precedent for future cross-border energy projects in Southeast Asia, promoting a more integrated and sustainable energy landscape.

RHB Bank has upgraded Singapore’s Gross Domestic Product (GDP) growth forecast to 3.0% for 2025, buoyed by a robust performance in the country’s non-oil domestic exports (NODX). According to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, the NODX is expected to grow by 2.0% in 2025, aligning with the official forecast range of 1–3%.

The September NODX figures revealed a significant 6.9% year-on-year increase, with a month-on-month seasonally adjusted rise of 13.0%. This performance was notably driven by a 30.4% year-on-year surge in electronics exports, whilst non-electronics exports saw a modest 0.4% increase. These results exceeded Bloomberg’s consensus forecast, which had anticipated a 2.1% year-on-year decline.

Despite the positive outlook, Gan cautioned against premature celebrations, highlighting unresolved trade-related issues, particularly concerning tariff risks. These uncertainties are underscored by an upcoming US Supreme Court hearing on 5 November, which will address the legality of certain tariffs.

The recent report from RHB Bank underscores the resilience of Singapore’s export sector, particularly in electronics, which continues to bolster the nation’s economic prospects. As the global trade environment remains uncertain, Singapore’s ability to navigate these challenges will be crucial in sustaining its economic momentum.

Singapore has emerged as the top global destination for tourism spending growth in 2025, driven by a surge in digital payments, according to Alipay+, Ant International’s global wallet gateway. The use of SGQR, Singapore’s unified payment QR code, has increased by more than 1.7 times year-on-year, now accounting for one-third of all cross-border transactions. This trend is significantly benefiting local small and medium-sized enterprises (SMEs) as inbound tourism rises.

During the recent Golden Week holiday, Chinese travellers flocked to Singapore, leading to a 3.5-fold increase in SGQR transactions compared to the previous year. Douglas Feagin, President of Ant International, stated, “Travel has a significant impact on local economies, and we believe that mobile wallets can be a catalyst for growth, connecting travellers and businesses in more ways than ever.”

Alipay+ has identified key trends shaping tourism, including a preference for short-haul, value-conscious travel and a demand for authentic local experiences. To meet these needs, Alipay+ has expanded its ecosystem, now supporting over 100 markets and 1.8 billion users through 40 international payment partners.

The Singapore Tourism Board has collaborated with Alipay+ to enhance the visitor experience, promoting seamless payment options and supporting local businesses. Oliver Chong, Assistant Chief Executive of the International Group, remarked on Singapore’s success in driving tourism growth through innovative products and experiences.

As mobile payments become the norm, the expansion of Alipay+ is set to further empower global merchants and the tourism industry, fostering inclusive growth and connectivity.

Ibraco Berhad, a Sarawak-based property developer, has signed a Memorandum of Agreement with Health Management International (HMI Medical) to establish a new private specialist hospital in Kuching, Sarawak. The Regency Hospital Kuching, set to open in 2029, will be a 300-bed facility located within The NorthBank township, designed to address the increasing demand for advanced healthcare services in the region.

HMI Medical, a Singapore-headquartered healthcare provider with a strong presence in Malaysia, Singapore, Indonesia, and Vietnam, will fully own and operate the hospital. The project is part of HMI Medical’s commitment to enhancing healthcare access and quality in Southeast Asia. “With the strong growth of Sarawak, its increasing international connectivity and growing demand for advanced healthcare services, we are excited to establish the Regency Hospital Kuching,” said Chin Wei Jia, Group CEO of HMI Medical.

To facilitate the hospital’s development, Ibraco has agreed to sell its 100% equity interest in NorthBank Specialist Hospital Sdn. Bhd. to Kuching Health Holdings, a subsidiary of HMI Medical, for $190,000 (RM900,000). This transaction is expected to conclude within six months, after which the hospital will acquire 4.2 acres of land for construction.

The new hospital is anticipated to create over a thousand jobs and offer cross-training opportunities for clinical professionals. Datuk Chew Chiaw Han, Ibraco’s Group Managing Director, expressed pride in contributing to Sarawak’s healthcare sector and broader economic progress. The announcement was made during the Sarawak Mega Fair 2025 in Singapore, marking a significant step in the region’s healthcare development.

The Ministry of Energy Transition and Water Transformation, PETRA, has congratulated 16 Malaysian organisations for their achievements at the ASEAN Energy Awards (AEA) 2025. These accolades underscore Malaysia’s commitment to sustainable energy practices and its leadership in the clean energy transition across the region.

The AEA, organised by the ASEAN Centre for Energy, is the region’s highest recognition for excellence in sustainable energy. This year, 25 Malaysian organisations were nominated through the National Energy Awards, which celebrates best practices in energy management, efficiency, and renewable energy.

Among the winners, CSC Steel Sdn Bhd was honoured in the Large Industry Energy Management System category, whilst Primetech Engineers Sdn Bhd excelled in the Large Green Building category. Collectively, the 16 winners have significantly reduced carbon emissions by nearly 72 million tonnes annually and generated 76 MW of renewable power, showcasing Malaysia’s leadership in sustainability and energy performance.

These achievements align with Malaysia’s National Energy Transition Roadmap and Nationally Determined Contributions under the Paris Agreement, aiming for net-zero greenhouse gas emissions by 2050. PETRA emphasises the importance of collaboration between the government, industry, and communities in advancing renewable energy and energy efficiency.

Charles Monat Associates (CMA) has announced a strategic minority equity investment led by Apollo-managed funds to boost its global growth. The transaction, expected to close in the first quarter of 2026, is subject to regulatory approvals. This investment underscores CMA’s long-term strategy and market potential, with no changes to its control, governance, or branding.

Gaurav Pant, a partner at Apollo, highlighted CMA’s position as a leading brokerage for bespoke life insurance solutions for high-net-worth individuals. “We believe the company is well positioned to capture what we believe are significant tailwinds in the industry,” he stated. The investment aims to support CMA’s growth through advanced technologies and automation.

Yves Guélat, CMA’s Group CEO, remarked, “This marks a significant milestone for Charles Monat Associates’ continuous growth journey as the global leading life insurance brokerage firm.” The partnership is set to enhance CMA’s geographic expansion and elevate its client-service standards.

Celia Yan, Apollo’s Head of Hybrid for Asia Pacific, noted the synergy between Apollo’s global reach and CMA’s regional presence. “This investment demonstrates how Apollo’s hybrid strategies can provide businesses and sponsors with customised solutions tailored to their needs and objectives,” she said.

The transaction was facilitated by Rothschild & Co as financial adviser and Baker McKenzie Wong & Leow as legal adviser to CMA, with Sidley Austin LLP serving as legal counsel to the Apollo Funds.

Singapore Energy Interconnections, SP Group, and Tenaga Nasional Berhad (TNB) have signed a Joint Development Agreement to conduct a feasibility study for a second electricity interconnection between Singapore and Malaysia. Announced at the 43rd ASEAN Ministers on Energy Meeting in Kuala Lumpur, the project aims to enhance energy cooperation and increase cross-border electricity trade capacity to 2,000 megawatts by 2030.

The agreement was signed by TNB’s President and CEO, Datuk Ir. Megat Jalaluddin Bin Megat Hassan, SP PowerGrid’s CEO, Jimmy Khoo, and SGEI’s CEO, Ong Teng Koon. The ceremony was witnessed by Malaysia’s Deputy Prime Minister, YAB Datuk Amar Haji Fadillah bin Haji Yusof, and Singapore’s Minister-in-charge of Energy, Dr Tan See Leng.

This study follows a successful pre-feasibility study completed in May 2025, which found no technical barriers to the project. Datuk Ir. Megat Jalaluddin Bin Megat Hassan stated, “The upcoming feasibility study for the second Malaysia–Singapore interconnection is a crucial step towards expanding cross-border electricity trade.”

SP Group’s Group CEO, Stanley Huang, emphasised the importance of regional grid connectivity, saying, “This study will be the conduit for closer collaboration with Malaysia to enhance energy security through diversified low carbon energy sources.”

The first interconnection, established in 1983 and upgraded in 2022, currently supports two cross-border electricity trade projects. The second interconnection is expected to further the ASEAN Power Grid vision, strengthening regional grid connectivity and electricity trade.