Regional News

Singapore’s retail sector experienced a mixed start to 2025, with initial gains in January giving way to declines in the following months, according to Savills Singapore’s Q1 2025 Retail Briefing. The early boost in sales, attributed to the Chinese New Year and government consumption vouchers, was short-lived as non-discretionary spending, including cosmetics and apparel, saw significant drops in the quarter.

The food and beverage (F&B) sector mirrored this trend, with restaurants, fast-food outlets, and cafes reporting lower revenues. Retail vacancy rates increased from 6.2% in the previous quarter to 6.8% in Q1, highlighting the ongoing challenges faced by the industry.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Whilst established brands face the challenges of higher costs, new-to-market brands remain optimistic.” This optimism is reflected in the interest of new brands looking to establish a presence in prime shopping areas, potentially driving up rents by 1% to 2% in 2025.

Despite the challenges, the average monthly rent in key areas like Orchard and Suburban remained stable at $17.00 (S$23.20) and $10.80 (S$14.70) per square foot, respectively. However, the strong Singapore dollar and the rise of e-commerce continue to divert consumer spending away from physical stores.

As the retail landscape evolves, the sector must navigate the dual pressures of increasing operational costs and shifting consumer preferences towards online shopping. The outlook remains cautious, with potential rent increases and the continued growth of e-commerce shaping the future of Singapore’s retail industry.
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Singapore-headquartered Rex International Holding Limited has revealed ambitious growth plans for its subsidiary, Lime Petroleum Holding AS, focusing on assets in Norway, Benin, and Germany. Lime Petroleum, which operates through its subsidiaries Akrake Petroleum Benin SA, Lime Petroleum AS, and Lime Resources Germany GmbH, is set to enhance its production capabilities and streamline operations across these regions.

In Benin, Akrake Petroleum is preparing to commence drilling in July 2025 at the Sèmè Field, with production anticipated to start in the fourth quarter of 2025. The project aims to produce approximately 16,000 barrels of oil per day, utilising a Mobile Offshore Production Unit and a Floating Storage & Offloading unit.

Norway’s Brage Field, where Lime Petroleum AS holds a 33.8434% interest, continues to outperform expectations. Recent discoveries and ongoing tie-back operations are set to boost production, with combined output from the Yme and Brage Fields expected to reach between 10,000 and 11,000 barrels of oil equivalent per day in 2025.

In Germany, Lime Resources Germany GmbH is focusing on the Erfelden area, with plans to increase production at the Schwarzbach Field. The company aims to drill two new wells in late 2025, potentially adding 500 barrels per day to its output by January 2026.

Lime’s CEO, Lars B. Hübert, highlighted the company’s strategic use of expertise across geographies, stating, “Lime and its subsidiaries are poised for an exciting autumn, with several high-impact operations taking place from the second half of 2025.”

These developments underscore Lime Petroleum’s commitment to leveraging its technological and operational expertise to enhance production and shareholder value across its global assets.
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Oiltek International Limited, a leading provider of integrated process technology and renewable energy solutions, has successfully transitioned from the Catalist Board to the Mainboard of the Singapore Exchange (SGX). This move, approved by shareholders on 25 April 2025, marks a significant milestone for the company, enhancing its visibility and access to capital.

The company’s Executive Director and CEO, Henry Yong Khai Weng, expressed optimism about the transfer, stating, “With the transfer to the SGX Mainboard, we will gain greater visibility, liquidity and access to capital, which will help propel our next phase of exponential growth.” Oiltek’s share price closed at S$0.605, bringing its market capitalisation to S$259.55 million.

Oiltek’s journey began with its initial public offering on the Catalist Board in March 2022 at S$0.23 per share. The company’s share price has since increased nearly sixfold, reaching an all-time high of S$1.45 in May 2025. This growth is attributed to its robust financial performance and strong order book.

In addition to the listing transfer, Oiltek completed a two-for-one bonus share issue, increasing its total shares to 429 million. SAC Capital, Oiltek’s Catalist sponsor, highlighted the significance of the transfer, noting it as a testament to the company’s strong fundamentals and active investor engagement.

Oiltek International, with over 44 years of experience, continues to expand its global footprint, providing innovative solutions across the vegetable oil industry. The company operates in three key areas: Edible & Non-Edible Oil Refinery, Renewable Energy, and Product Sales and Trading.
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Grand Venture Technology Ltd (GVTL) is poised for significant growth, according to a recent report by DBS Vickers Securities. The company experienced a rise in first-quarter sales, driven by strong demand for High Bandwidth Memory (HBM) testers and front-end wins. However, earnings were impacted by foreign exchange headwinds.

The report highlights that artificial intelligence trends, along with resilient non-semiconductor segments and limited direct tariff exposure, are expected to bolster GVTL’s performance in the second half of the year. Despite the challenges faced in the first quarter, the company remains optimistic about its future prospects.

DBS Vickers Securities has adjusted its full-year 2025 earnings forecast for GVTL, reducing it by 14% to account for forex charges and lower margin assumptions. Nevertheless, the firm maintains a “BUY” recommendation for GVTL, with an unchanged target price of $0.82 (S$1.12).

The report underscores the importance of GVTL’s strategic positioning in the market, particularly in light of emerging AI trends and its ability to navigate external economic pressures. As the company continues to adapt and innovate, it is well-positioned to capitalise on growth opportunities in the coming months.
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Cushman & Wakefield has released its inaugural report, ‘Waypoint 2025’, highlighting significant changes in the Asia Pacific logistics and industrial real estate sector. The report, based on insights from over 120 markets globally, indicates a shift in power towards landlords due to constrained supply and rising costs, impacting occupiers, investors, and developers.

The report forecasts a decline in tenant-favourable markets globally from 52% to 28% by 2028, whilst landlord-favourable markets are expected to rise from 24% to 35%. In Asia Pacific, the market is currently balanced, with 24% favouring landlords and 33% favouring tenants. However, this balance is expected to shift, with tenant-friendly markets growing to 38% and landlord-favourable markets increasing to 33%.

Dominic Brown, Head of International Research at Cushman & Wakefield, noted, “Asia Pacific markets are diverging, with Australia and Southeast Asia seeing a shift towards landlord-favourable conditions.” Despite this, 62% of Asia Pacific markets anticipate rental growth over the next three years, driven by strong occupier demand and strategic manufacturing shifts.

The report also identifies general manufacturing, retail distribution, and e-commerce as key drivers of demand in the region. Dennis Yeo, Head of Investor Services and Logistics & Industrial, APAC, emphasised the need for market-specific strategies due to rising vacancies in some subregions.

Overall, ‘Waypoint 2025’ underscores the importance of resilience and diversity in supply chains to navigate market changes effectively. The full report is available for further insights into regional market conditions and projections.
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HSBC Global Private Banking has released its investment outlook for the third quarter of 2025, advising investors to focus on building resilient portfolios through global multi-asset diversification and active management. The bank maintains a mild overweight position in global equities, particularly in the US, China, India, Singapore, and the UAE, citing structural growth opportunities in AI adoption as key drivers.

The bank’s strategy includes an overweight position in UK Gilts and European investment grade bonds, whilst maintaining a neutral stance on US Treasuries and corporate bonds. To mitigate risks from trade tensions and US debt concerns, HSBC suggests investing in gold, hedge funds, and quality bonds, alongside strategic allocations to private equity and infrastructure.

On the currency front, HSBC holds a neutral view on the US dollar, focusing on hedging volatility with hedge funds and volatility strategies. Cheuk Wan Fan, Chief Investment Officer for Asia at HSBC, noted, “Policy uncertainty has challenged the ‘US exceptionalism’ narrative and added pressure on the US dollar. We expect resilient earnings and policy changes to support US equity market recovery.”

HSBC’s investment priorities for Q3 2025 include expanding equity exposure, capturing AI opportunities, mitigating risks with alternative strategies, and tapping into Asia’s domestic growth. Patrick Ho, Chief Investment Officer for North Asia, highlighted China’s AI advancements and policy stimulus as key factors for growth, stating, “China’s continued AI breakthrough should pave the way for its valuation gap to narrow.”

The bank’s thematic focus, “Asia in the New World Order,” underscores opportunities in China’s AI sector, Asian shareholder returns, enduring industry leaders, and high-quality Asian credit. HSBC anticipates that Asia’s markets will attract international investors seeking diversification, bolstering regional equity and credit markets.
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KDZ Pop Con 2025, the ultimate event for kids and families, is set to take over the Sands Expo & Convention Centre in Singapore on 21-22 June. The event promises a weekend filled with brand activations, workshops, and live entertainment, supported by the Singapore Tourism Board and featuring Mediacorp as the official media partner.

The event will celebrate the 10-year anniversary of Pinkfong’s Baby Shark, offering fans a chance to snap photos at a special anniversary zone, participate in a lucky draw, and enjoy a range of themed activities. Disney and Pixar’s new film, Elio, will also be featured, with interactive zones and activities inspired by the movie, including a Trick Eye photo opportunity and Galaxy Slime Making.

Fans of My Little Pony and Peppa Pig can look forward to magical moments, including a celebration of Mummy Pig’s pregnancy announcement and the introduction of Peppa Pig’s newest family member, Evie. Hasbro’s beloved characters will bring joy with games, photo opportunities, and exclusive merchandise.

For those seeking adventure, Kiztopia Friends will present Jumptopia Lite, featuring inflatables like Honey’s Meadow Farm and Tiger’s Sports Meet. NTUC First Campus will engage young minds with educational activities, whilst POPULAR offers a selection of children’s books and cultural items.

Viper Kids will debut in Singapore with the Viper Challenge, and Origame will host a Shop Until You Drop competition, with appearances by Mr Kiasu. Tickets for KDZ Pop Con 2025 are available now, promising a celebration of childhood imagination and family bonding.
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The barge Marco Polo 802, which was grounded off Tanjong Beach, has been successfully towed to an anchorage for further inspection and investigation, according to the Maritime and Port Authority of Singapore (MPA). The incident, which occurred earlier this morning, resulted in damage to a portion of the floating security barriers off Sentosa.

The Police Coast Guard (PCG) is set to evaluate the extent of the damage and carry out necessary repairs. In response to the incident, the PCG has also increased patrols in the area to ensure maritime safety and security.

The MPA, established in 1996, plays a crucial role in developing Singapore as a leading global hub port and international maritime centre. It is responsible for regulating and planning maritime and port activities, as well as championing digitalisation and decarbonisation efforts in the maritime sector. The authority collaborates with industry partners, the research community, and other agencies to enhance safety, security, and environmental protection in Singapore’s maritime domain.

The successful towing of the Marco Polo 802 and the prompt response to the incident highlight the MPA’s commitment to maintaining the safety and security of Singapore’s maritime environment. Further updates on the investigation and repairs are expected as the situation develops.
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With a headquarters in Singapore, TikTok has announced a significant shift towards becoming a performance marketing partner at its annual TikTok World ’25 summit. The platform, known for its cultural influence, is now offering a suite of AI and creative tools aimed at driving business growth from awareness to conversion. These tools include TikTok Market Scope, Brand Consideration, and Smart+, which help marketers identify audiences, automate personalisation, and optimise campaigns in real-time.

TikTok’s new offerings are designed to transform how brands engage with audiences. The TikTok One platform now includes Insight Spotlight for trend intelligence and Content Suite, enabling marketers to convert user-generated videos into high-performing ads swiftly. David Kaufman, Global Head of Product Operations and Solutions at TikTok, stated, “TikTok is building solutions for every business objective and marketing strategy.”

The platform’s AI-powered solutions, such as TikTok Symphony and GMV Max, are set to enhance commerce by providing personalised recommendations and improving ad targeting. These innovations aim to maximise the impact of marketing campaigns across various industries, including e-commerce and automotive.

TikTok’s expansion of its TopView ad format and investment in holistic measurement solutions further solidify its role as a comprehensive marketing ecosystem. By integrating creativity with AI, TikTok is poised to convert user engagement into tangible business results, offering brands a unique opportunity to harness the platform’s vast reach and influence.
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The NRF 2025 Retail’s Big Show Asia Pacific, held in Singapore, concluded with unprecedented success, drawing 9,500 registrations from over 72 countries. The three-day event, themed “Retail Unlimited,” featured 240 exhibitors and sponsors, alongside 150 world-class speakers, highlighting the dynamic retail landscape in the Asia Pacific (APAC) region.

The event, which took place from 3 to 5 June, aimed to address the unique challenges and opportunities within the APAC retail market. Ryf Quail, Managing Director for APAC at Comexposium, noted the event’s success, stating, “The overwhelming response from retail communities across APAC underscores the growing demand for a premier regional retail event like NRF APAC.”

Key features of the show included the NRF APAC Innovators Showcase, which highlighted significant innovations in the retail sector, and the exclusive NRF APAC CEO Club, gathering nearly 100 industry leaders. The expanded Exhibitor Big Ideas stages offered in-depth sessions on emerging retail technologies, sustainability, and leadership trends.

Anson Bailey, Head of Consumer & Retail Asia Pacific at KPMG, expressed pride in leading discussions on AI-driven transformation and evolving consumer behaviour. “The insights and ambitions shared throughout the week sparked high-impact collaborations,” he said.

Donald Ong, Senior Vice President of Services Business Development Asia Pacific at Mastercard, emphasised the event’s role in spotlighting retail innovations and facilitating dialogue among industry leaders. The event’s success sets the stage for NRF 2026, scheduled to return to Singapore on 24 June 2026, promising even more visionary speakers and networking opportunities.
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