Regional News

The Equities Market Review Group has introduced a comprehensive set of measures to bolster Singapore’s equities market, following extensive consultations with industry stakeholders. Announced on 21 February 2025, these measures include tax incentives and a $5b Equity Market Development Programme (EQDP) by the Monetary Authority of Singapore (MAS) and the Financial Sector Development Fund (FSDF).

The EQDP will see MAS investing with selected fund managers to focus on Singapore stocks, aiming to deepen trading liquidity and strengthen the local fund management ecosystem. Additionally, a tax exemption on fund managers’ qualifying income from Singapore-listed equities will support the launch and distribution of such funds.

To attract more capital inflows, the Global Investor Programme (GIP) will be adjusted to focus on equities listed on approved Singapore exchanges. The Research Development Grant Scheme will also be expanded to enhance investor interest in mid- and small-cap enterprises.

Further measures include a 20% corporate income tax rebate for new primary listings and a 10% rebate for secondary listings, alongside a 5% concessionary tax rate for new fund manager listings in Singapore. These incentives aim to attract quality listings and support local enterprises.

The Review Group also recommends a pro-enterprise regulatory stance, moving towards a more disclosure-based regime. This includes consolidating listing suitability and prospectus disclosures under Singapore Exchange Regulation (SGX RegCo) and streamlining listing processes to enhance efficiency.

MAS and SGX RegCo will issue detailed consultations on these proposals by mid-2025, with further initiatives expected by the end of the year. These efforts are designed to address current challenges and position Singapore as a competitive global equities market.
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SATS Ltd., a leading provider of air cargo handling services, has announced a net profit of S$70.4m for the third quarter of the financial year 2025, marking a significant improvement from the previous year. The company’s revenue increased by 12.5% to S$1.52b, attributed to a rise in business volumes and rate increases.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) margin expanded from 15.7% to 17.3%, reaching S$263.9m. Free cash flow also saw a notable improvement, rising from S$44.7m to S$118.1m. SATS secured S$92m of its targeted S$100m in EBITDA integration synergies.

Kerry Mok, President and CEO of SATS, highlighted the role of scale and operating efficiencies in achieving profitability. “The recovery of passenger volumes at Changi Airport to 99.1% of pre-pandemic levels also contributed to our improved performance,” Mok stated.

The company’s Gateway Services revenue increased by 10.1% year-on-year to S$1.17b, whilst Food Solutions saw a 21.1% rise to S$356.7m, driven by the recovery in travel and demand for inflight meals. Operating profit for the quarter rose by S$43.9m to S$127.3m, with an improved operating profit margin of 8.4%.

Looking ahead, SATS remains focused on expanding its network and enhancing operational excellence, positioning itself to support customers amid ongoing market volatility.
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Vicom Ltd has announced its financial results for the full year ending 31 December 2024, revealing a 6.8% increase in revenue to S$119.5m, up from S$111.9m in 2023. The company’s operating profit also saw a rise, reaching S$34.6m, a 4.8% increase from the previous year. This growth is attributed to improved performance across various sectors, including contract services and utilities.

The company’s total operating costs increased by 7.6% to S$84.9m, with notable rises in contract services and utilities and communication costs, which surged by 152.3% and 20.6% respectively. Despite these increases, Vicom managed to achieve a profit before taxation of S$35.7m, marking a 4.8% improvement from 2023.

Profit after taxation for the year stood at S$29.6m, a 5.7% increase compared to the previous year. The earnings per share also improved, with basic and diluted earnings per share rising to 8.26 cents from 7.78 cents in 2023.

The company’s financial position remains robust, with total assets increasing to S$211.2m from S$196.4m in the previous year. Cash and cash equivalents at the end of 2024 were reported at S$60.7m, reflecting a net increase of S$5.6m over the year.

Looking ahead, Vicom’s financial results indicate a positive trajectory, with increased revenue and profit margins suggesting continued growth and stability in the coming year.
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Senior Minister of State for Defence Zaqy Mohamad hosted a US congressional delegation, led by Representative Jimmy Panetta, at Singapore’s Changi Naval Base today. The visit highlighted the robust defence relationship between Singapore and the United States, focusing on maritime security and counter-terrorism efforts.

The delegation toured the Republic of Singapore Navy’s Information Fusion Centre and the Counter-Terrorism Information Facility, receiving briefings on Singapore’s initiatives to enhance multilateral cooperation in addressing maritime and terrorism threats. Additionally, they visited the USS Gabrielle Giffords, a Littoral Combat Ship stationed at the base as part of its rotational deployment to Singapore.

Zaqy Mohamad emphasised the importance of the longstanding defence partnership between the two nations, expressing gratitude for the US Congress’s support of Singapore Armed Forces’ overseas training and technological advancements. The US delegation, in turn, acknowledged Singapore’s consistent support for the US presence in the region, particularly the facilitation of US use of Singaporean facilities.

The congressional delegation’s visit, from 19 to 22 February, underscores the enduring and strong ties between Singapore and the US, reinforcing their commitment to regional security and cooperation.
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PARKTOWN Residence, a major residential development in Tampines, saw a remarkable sales performance during its launch weekend, with over 87% of its 1,193 units sold. UOL Group Limited and CapitaLand Development reported that 1,041 units were snapped up, primarily by Singaporeans seeking homes for personal use and investment purposes.

The development’s appeal lies in its status as a fully integrated residential and lifestyle hub. It boasts direct connections to a retail mall, the upcoming Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre. This comprehensive connectivity and convenience have made it a prime choice for prospective homeowners.

A spokesperson for UOL and CLD highlighted the development’s strategic location and the allure of its upscale, spacious flats. “With its prime location and upscale, spacious flats, PARKTOWN Residence stands out as a highly desirable choice for homeowners seeking both convenience and quality,” they stated.

The successful launch of PARKTOWN Residence underscores the strong demand for integrated living spaces in Singapore, particularly in well-connected areas like Tampines. As the first major property launch of the year, it sets a positive tone for the real estate market in 2023. Future developments in the area, such as the completion of the Tampines North MRT station, are expected to further enhance the attractiveness of this residential project.
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AsiaMedic Limited and Sunway Group have unveiled a new medical diagnostic imaging centre at Royal Square in Novena, Singapore. This collaboration marks a significant expansion in AsiaMedic’s capacity, nearly doubling its diagnostic imaging capabilities. The centre spans close to 6,000 square feet and offers advanced imaging services, including computed tomography (CT) and magnetic resonance imaging (MRI).

The centre is equipped with state-of-the-art technology, such as the SIGNA™ Hero 3T MRI scanner, which provides faster scans and clearer images, and the Revolution™ Apex Elite CT scanner, known for its high-resolution imaging with low-dose radiation. These advancements aim to improve patient comfort and diagnostic accuracy.

Located in Singapore’s premier medical hub, the centre enhances accessibility and patient experience, addressing the increasing demand for medical imaging services. Arifin Kwek, CEO of AsiaMedic, stated, “The launch of AsiaMedic Sunway Imaging reflects our mission to detect early illnesses to achieve positive experiences and clinical outcomes for our patients through advanced diagnostic imaging.”

This strategic partnership between AsiaMedic and Sunway Group, a leading Southeast Asian conglomerate, represents a milestone in bringing integrated healthcare expertise to regional and international markets. Sarena Cheah, Deputy Executive Chairman of Sunway Group, emphasised the importance of this collaboration in setting new benchmarks for comprehensive medical care.

The launch of the new centre aligns with AsiaMedic’s growth strategy and commitment to innovation, positioning the group to capture opportunities in Singapore’s specialist healthcare sector. Sunway Group continues to advance its healthcare services, with its flagship Sunway Medical Centre in Kuala Lumpur recognised among the top 250 hospitals globally.
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Huttons Asia has announced that the launch weekend for ELTA and ParkTown Residence attracted significant interest, with over 3,000 buyers leading to the sale of 1,369 units. This strong performance has prompted Huttons to revise their full-year sales forecast for 2025 to between 7,500 and 8,500 units, up from an earlier estimate of 7,000 to 8,000 units.

ParkTown Residence, located in Tampines, achieved a remarkable feat by selling 1,041 units, or 87%, during its launch weekend. This success is attributed to the project’s fully integrated development and the appeal of the Tampines 5-year masterplan, which includes the nearby Tampines Boulevard Park. The development is a joint venture by three experienced developers and offers a range of amenities including an MRT station, bus interchange, retail mall, hawker centre, community club, covered plaza, and park.

The project has drawn interest from HDB upgraders and investors alike, thanks to its proximity to major employment hubs such as Tampines Regional Centre, Changi Business Park, and Punggol Digital District, as well as international schools like UWCSEA East Campus. The most popular units were the 2- and 3-bedroom types, with the 2-bedroom units nearly sold out.

Huttons Data Analytics estimates that developer sales in February 2025 will exceed 1,500 units, with total sales for the first two months of the year estimated between 2,500 and 2,700 units. This represents 39% of the total sales of 6,469 units in 2024. Prices in the property market are expected to grow between 4% and 7% in 2025, barring unforeseen circumstances.
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The recent launch of ELTA in Clementi and Parktown Residence in Tampines over the weekend of 22-23 February has seen a remarkable response from homebuyers, with both developments achieving impressive sales figures. This surge in demand highlights a resurgence in buyer confidence within Singapore’s private residential market.

ELTA, a 99-year leasehold project located along Clementi Avenue 1, sold approximately 65% of its 501 units. This marks the first new private condominium launch in Clementi since December 2020, indicating pent-up demand in the area. The development’s diverse unit layouts, particularly the 1- and 2-bedroom types priced below $2.2 million, attracted a mix of investors and HDB upgraders. The project’s proximity to educational institutions and employment hubs further boosted its appeal.

Meanwhile, Parktown Residence, an integrated development in Tampines Avenue 11, achieved an impressive 87% sales rate, moving 1,041 of its 1,193 units. This performance set a new record for the highest number of units sold over a launch weekend, surpassing the previous record held by Emerald of Katong. The development’s integration with the future Tampines North MRT station and its on-site retail offerings contributed to its popularity among buyers.

Collectively, ELTA and Parktown Residence sold over 1,300 units during the launch weekend, exceeding the total number of new private homes transacted in January. This strong sales momentum is expected to continue into March, signalling a promising start for the primary market in 2025.
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Honeywell, in collaboration with the Singapore Economic Development Board (EDB), has announced the establishment of a Centre of Excellence in Singapore. This initiative, powered by the Honeywell Forge IoT platform, aims to deploy AI and machine learning technologies to help building owners and operators reduce carbon emissions from commercial buildings. The centre supports the Singapore Green Plan 2030 and the nation’s target of achieving net-zero emissions by 2050.

The Centre of Excellence will utilise the Honeywell Forge IoT platform, a predictive maintenance and energy management solution, to provide a comprehensive view of a building’s life cycle and energy use. This integration will enable building decision-makers to enhance their visibility into energy management, optimisation, and predictive analytics, ultimately improving maintenance needs.

Buildings contribute to over 20% of Singapore’s carbon emissions, according to the Building and Construction Authority. Honeywell’s centre aims to collaborate with building owners and operators to deploy solutions that align with the Singapore Green Plan’s carbon-reduction goals. Nigel Brockett, President of Asia Pacific at Honeywell, stated, “Buildings represent a significant opportunity for carbon reduction, particularly when owners can effectively monitor and optimise energy use to manage their environmental impact.”

The centre is expected to commence operations in 2025, initially focusing on Singapore-based sectors such as healthcare, data centres, and education. By 2026, Honeywell plans to extend its services to other Southeast Asian nations, addressing their specific sustainable building goals. Lim Tse Yong, Senior Vice President at EDB, expressed optimism about the centre’s potential, stating, “We look forward to the impactful solutions this Centre will develop for Singapore and the wider region.”

This partnership with EDB aligns with Honeywell’s focus on automation and sustainable solutions, reinforcing its commitment to addressing global environmental challenges.
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Knight Frank Singapore has announced the successful sale of River Valley Flats for $41 million (S$56 million), marking the first collective sale site sold in 2025. The property, located in the desirable River Valley neighbourhood in district 10, was sold through a tender process that concluded on 18 February. A Singapore family office purchased the site with plans to convert it into serviced flats.

The sale price equates to a land rate of approximately $1,191 (S$1,622) per square foot per plot ratio, inclusive of a nominal land betterment charge. The freehold property, zoned as ‘Residential’ under the Urban Redevelopment Authority’s Master Plan 2019, spans 1,152.7 square metres. It has received outline permission for serviced flats.

Chia Mein Mein, Head of Capital Markets at Knight Frank Singapore, noted the property’s appeal due to its prime location and potential for development into niche residences or serviced flats. “The tender for River Valley Flats attracted very keen interest,” she said, highlighting the property’s strategic position near Great World MRT Station and various amenities.

The sale is significant as it is the first residential collective sale in a prime district since May 2023. Jerry Tan, Chairman of the River Valley Flats Collective Sale Committee, expressed satisfaction with the outcome, stating, “The expertise of the Knight Frank team has enabled us to find success at our first tender attempt.”

The 24-unit development’s owners will receive sale proceeds ranging from $1.49 million (S$2 million) to $1.94 million (S$2.6 million) per unit. This transaction underscores the growing interest in co-living and serviced flats in Singapore, particularly post-pandemic, as young professionals seek alternative housing options.
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