Regional News

Singapore’s industrial property market experienced stabilisation in leasing activity during the first quarter of 2025, according to Savills Singapore’s latest briefing. The total leasing volume saw a marginal year-on-year increase of 1.3%, reaching 2,902 tenancies. Despite this stability, rent trends across different property types showed mixed results.

The monthly rents for prime multiple-user factories, based on Savills’ basket of private industrial properties, rose by 0.4% quarter-on-quarter to $2.29 per square foot, recovering from a previous dip. In contrast, prime warehouse and logistics properties experienced a decline, with rents dropping by 2.5% to $1.69 per square foot.

Strata industrial sales activity remained subdued, with a 3.8% quarter-on-quarter decline, marking a five-year low of 351 transactions. However, leasehold property prices showed resilience, with 30- and 60-year leasehold properties increasing by 3.3% and 1.2% respectively. Freehold property prices, however, fell by 0.7% to $831 per square foot.

Business parks also saw varied rent changes. Prime business parks experienced a slower rent increase of 1.3% to $6.35 per square foot, whilst standard business parks saw a 1.7% rise to $4.11 per square foot. High-spec industrial spaces faced a slight decline, with rents slipping by 0.6% to $3.90 per square foot.

Looking ahead, Savills projects that multiple-user factory rents will continue to rise by up to 3.0% this year due to limited supply. However, rents for warehouse and business park spaces are expected to remain flat, as older developments may offset gains from newer facilities.
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CGS International Securities Singapore recently launched its Makan and Market Talk series, focusing on the resilience of Singapore Real Estate Investment Trusts (S-REITs) in the face of global economic volatility. The event, attended by clients, investors, and industry experts, provided a platform for discussing the current outlook for S-REITs, highlighting their potential as attractive income plays.

The panel, featuring experts such as Song Seng Wun, Economic Adviser at CGS SG, and Lock Mun Yee, Deputy Head of Research at CGS SG, delved into the macroeconomic challenges and opportunities facing S-REITs. Song noted that whilst a recession is unlikely, short-term slowdowns due to uneven US trade policies and geopolitical shifts remain a concern. He described Singapore as particularly sensitive to these global changes due to its high export-to-GDP ratio.

Lock highlighted that S-REITs are currently undervalued, with average yields of 6.1% and a price-to-book ratio below historical norms, making them appealing for investors seeking stability and income. She identified CapitaLand Ascendas REIT and Keppel DC REIT as preferred picks due to their strong balance sheets and strategic sector positioning.

The discussion also touched on the future of office spaces, with Calvin Yeo from Knight Frank Singapore noting that demand remains robust, particularly for green-certified and employee-centric buildings. Despite the rise of hybrid work, post-pandemic occupancy rates have stayed above 90%.

The event concluded with a consensus that S-REITs are well-positioned for recovery, supported by strong fundamentals and active asset management. The Makan and Market Talk series will continue to offer insights and analysis on pertinent market themes.
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FWD Insurance Singapore has launched its “Skip to the Good Part” campaign, aiming to enhance travel insurance for Singaporeans ahead of the peak travel season. Running from May to July 2025, the campaign introduces flexible solutions such as Cancel for Any Reason (CFAR) benefits, coverage for pre-existing conditions, and a streamlined digital claims process via the FWD app.

The campaign addresses key traveller concerns, offering a customer-first approach to insurance. Adrian Vincent, CEO of FWD Singapore, stated, “At FWD, we are committed to making insurance simpler, more accessible, and more relevant to the needs of today’s travellers.” The initiative aims to eliminate traditional friction points like complex claims and unclear policy exclusions.

Research by Klook Protect highlights a disconnect between traditional insurance offerings and modern traveller needs, with 21% of respondents seeking less conventional solutions. FWD’s campaign responds to this by providing flexible, transparent, and user-friendly options. Key features include CFAR coverage, allowing travellers to change plans due to personal emergencies or opportunities, and a Pre-existing Condition (Pre-X) rider for those with chronic medical conditions.

FWD’s digital-first approach has earned accolades, including Best Digital Insurer at the InsuranceAsia News Country Awards for Excellence in 2024. The campaign is supported by short videos illustrating real traveller scenarios, showcasing FWD’s commitment to meeting evolving expectations with practical solutions.

FWD’s travel insurance supports diverse needs, from families to digital-native travellers, with policies available online or via the FWD SG app. The campaign will be rolled out across multiple channels, reinforcing its message of assurance and accessibility.
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COSCO SHIPPING International (Singapore) Co., Ltd has received approval in principle from the Singapore Exchange Securities Trading Limited (SGX-ST) for a proposed renounceable, non-underwritten rights issue. This initiative involves the issuance of up to 2,239,244,954 new ordinary shares in the company’s capital, as announced on 4 June 2025.

The rights issue is a strategic move by COSCO SHIPPING International Singapore to bolster its capital base, providing existing shareholders the opportunity to purchase additional shares. The approval from SGX-ST marks a significant step forward in the company’s financial strategy, aiming to enhance shareholder value and support future growth initiatives.

The rights issue is structured to be renounceable, allowing shareholders the flexibility to trade their rights on the open market. This approach provides an opportunity for shareholders to either increase their stake in the company or realise value through the sale of their rights.

The announcement underscores COSCO SHIPPING International Singapore’s commitment to maintaining a robust financial position and its proactive approach to capital management. The company has not disclosed specific details regarding the pricing or timeline of the rights issue, which will be communicated in due course.

This development is expected to have a positive impact on the company’s financial health, providing it with the necessary resources to pursue strategic opportunities and enhance its competitive position in the shipping industry.
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Twilio’s latest State of Customer Engagement Report highlights a growing disconnect between Singaporean brands’ confidence in AI-powered customer engagement and consumer satisfaction. Despite 90% of local organisations rating their customer engagement as good, only 57% of Singapore consumers agree, marking a 33% gap, up from 20% last year.

The report, based on a survey of over 7,600 global consumers and 637 business leaders, shows that whilst AI adoption has increased, with 94% of businesses using it to analyse customer data, the benefits are not translating into customer satisfaction. Although businesses report higher customer spending and cost savings, only 33% of consumers feel that brands personalise their engagement effectively.

This disconnect has tangible consequences. More than a third of consumers may stop using a brand, and 70% will abandon purchases if interactions feel impersonal. Conversely, 94% are more likely to make purchases when engagements are personalised in real time.

Robert Woolfrey, Vice President, APJ, Communications, at Twilio, emphasised the need for brands to bridge this gap by delivering individualised experiences that feel human and relevant. “When brands take a more deliberate and transparent approach to using data, they will be better positioned to build deeper, more meaningful relationships with their customers,” he stated.

The report also underscores the importance of human interaction, with 75% of consumers valuing human-like AI interactions and 50% preferring to speak to a person if AI fails. Transparency is crucial, as 52% of consumers want to know when they are communicating with AI.

The future of customer engagement lies in individualisation, with brands needing to invest in transparent, data-driven strategies to earn trust and deepen relationships. The full report is available on Twilio’s website.
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Raffles Sentosa Singapore, the country’s first all-villa resort, marked its grand opening on 17 May 2025 with a spectacular celebration hosted by The Royal Group. The event, attended by over 500 guests from Singapore’s business and diplomatic circles, showcased the resort’s exceptional dining and event offerings.

The evening commenced with a ribbon-cutting ceremony, followed by a curated tour of the resort’s lush tropical gardens, five dining destinations, and event spaces. Guests were treated to the resort’s signature Sentosa Sling cocktail and embarked on a culinary journey featuring highlights such as Royal Peking Duck, Honey-glazed Kurobuta Pork, and Roasted Pork Belly at Royal China, and seasonal delicacies at IYASAKA by Hashida.

The main event took place in the Raffles Ballroom, transformed for the occasion to host 400 banquet guests. The evening featured live performances by soprano Seia Lee, jazz vocalist Alemay Fernandez, and Erhu soloist Calista Liaw. The resort’s two grand ballrooms, adorned with Lasvit chandeliers inspired by Singapore orchids, were also on display.

Raffles Sentosa Singapore, located on Sentosa island, offers 62 villas, each with a private pool and terrace. The resort aims to set a new benchmark for luxury hospitality in Singapore, providing privacy and personalised service. In celebration of its opening, the resort offers a Welcome Home experience package, valid for bookings made before 31 October 2025.
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A recent study by Crown Workspace has highlighted the inadequacies of the open-plan office model in today’s hybrid work environment. Surveying 1,250 office workers and facilities decision-makers across the UK, US, Singapore, India, New Zealand, and Hong Kong, the research found that 91% of employees would be more inclined to return to the office if it better catered to their needs.

The study reveals a significant gap between current office attendance and employee preferences. Whilst 59% of employees work full-time in the office, only 41% prefer this arrangement. Nearly half of the respondents favour a hybrid model, indicating a strong demand for flexibility. Despite these preferences, 45% of employees feel more productive in the office compared to 25% at home.

The design of office spaces plays a crucial role in employee productivity and wellbeing. Three-quarters of employees reported that the layout and flexibility of their office significantly impact their performance, yet only 24% feel their current setup supports these outcomes. The demand for quiet zones and personalised workspaces is high, with 67% valuing access to quiet areas and 77% desiring dedicated workspaces.

Technology also influences productivity, with 36% of employees only having access to a second monitor at work. Similarly, 40% have access to a printer in the office, compared to just 5% at home.

Looking forward, 76% of facilities managers plan to create more interactive office environments within three years, with 48% expecting to downsize their office space. Phil Oram, UKI Regional Director at Crown Workspace, emphasised the need for offices to be flexible and sustainable, stating, “The future of the successful office will need to be flexible, functional, and above all, designed with people in mind.”

The findings suggest that businesses must rethink their office designs to support employee wellbeing and performance, moving away from the traditional open-plan model.
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WOGI, a leading digital rewards and incentives platform in Asia, has announced the acquisition of UNIQGIFT, a prominent provider of customised reward programmes in Singapore. The acquisition, finalised in late May, is part of WOGI’s strategy to enhance its merchant partnerships and deepen client relationships across Asia. Alongside this acquisition, UNIQGIFT’s CEO, Gregory Imbert, has been appointed as WOGI’s Chief Operating Officer (COO).

Imbert will spearhead WOGI’s partnerships and strategic alliances, oversee product development, and drive operational excellence across key Asian markets, including Singapore, Malaysia, Hong Kong, Indonesia, Thailand, Vietnam, Japan, and Sri Lanka. This move aims to bolster WOGI’s enterprise support and expand its global reach. Viktor Anastanov, CEO of WOGI, stated, “This strategic alignment reflects our commitment to intentional growth and client focus, enabling enterprises to manage personalised rewards and incentives at scale.”

The integration of UNIQGIFT into WOGI’s operations unlocks new value for both clients and merchant partners. Clients previously limited to Singapore-only reward offerings can now access WOGI’s broader solution suite and regional service infrastructure. Merchant partners will benefit from exposure to a wider client base, facilitating new opportunities for regional campaigns and initiatives.

WOGI, backed by Blackhawk Network, continues to innovate in the digital rewards sector, offering a platform that combines local insight with global reach. The company is committed to providing seamless, scalable experiences across Asia and beyond, supported by enterprise-level security and compliance certifications.
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Grand Venture Technology Ltd has announced a robust start to the financial year 2025, reporting a 44.8% year-on-year increase in revenue for the first quarter. The company attributes this growth to the rising adoption of artificial intelligence (AI) and strong demand in the semiconductor segment, alongside resilient performances in the Life Sciences and Electronics, Aerospace, Medical, and Others (EAMO) sectors.

The semiconductor segment experienced a remarkable 62.4% increase in revenue, driven by heightened demand for high-bandwidth memory testers and test equipment. This growth was further bolstered by contributions from new front-end semiconductor customers. Meanwhile, the Life Sciences segment saw a 28% rise, benefiting from existing customers shifting their products to Asia and new wins in automated sample preparation equipment. The EAMO segment also grew by 25.8%, supported by a $3.1m contribution from newly onboarded ACP Metal Finishing.

The company’s net profit after tax rose by 27.7% year-on-year, reflecting improved margins as Grand Venture Technology continues to optimise its operating leverage. The company is on track to achieve its revenue guidance of $90m to $96m for the first half of FY2025, representing a growth of 31.7% to 40.5% year-on-year.

Looking ahead, Grand Venture Technology anticipates continued robust growth in the semiconductor sector, driven by AI and high-performance computing adoption. The company is also expanding its services in the aerospace sector in China, aiming to strengthen its value proposition and wallet share. With minimal exposure to US tariffs and a strategic focus on Asia and Europe, Grand Venture Technology is well-positioned for sustained growth.
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The recent government land sale (GLS) tender for the Lakeside Drive site attracted six bids, marking a resurgence in developer interest following a lacklustre response to previous tenders. Leonard Tay, head of Research at Knight Frank Singapore, noted that despite concerns over development costs, the site’s attractive attributes have drawn attention. The Lakeside Drive site is poised to benefit from the government’s vision for Jurong Lakeside as a vibrant, mixed-use precinct, potentially becoming Singapore’s second Central Business District.

The top bid of $608m, translating to $1,132 per square foot per plot ratio (psf ppr), exceeded expectations. This suggests that future selling prices could start above $2,300 psf, with averages between $2,400 and $2,500 psf, depending on project design and finishes. Local demand, particularly from HDB upgraders in nearby areas like Bukit Batok and Jurong East, is anticipated to drive interest in the site.

Strategically located next to Lakeside MRT station on the East-West Line, the site offers excellent connectivity across Singapore. Its proximity to Jurong Lake Gardens and established primary schools such as Shuqun and Rulang enhances its appeal to families. Additionally, the area’s substantial industrial employment zone, with nearly 220,000 workers, may attract executives seeking a convenient commute.

The Lakeside Drive tender reflects developers’ confidence in the Jurong Lakeside area’s long-term growth potential, aligning with the government’s plans for the region.
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