Regional News

Far East Hospitality Trust (FEHT) has announced its expansion into Japan with the acquisition of the Four Points by Sheraton Nagoya, Chubu International Airport. This strategic move marks FEHT’s first foray into the Japanese market, aligning with its long-term strategy to diversify income sources whilst maintaining a focus on Singapore.

The newly acquired property is an upscale hotel featuring 319 rooms, located conveniently near Chubu International Airport in Aichi. Opened in November 2018, the hotel boasts an average room size of 26 square metres and is managed by Marriott International. The acquisition was completed for an initial purchase price of JPY 6.0 billion (approximately $52.8 million), with a potential additional payment of up to JPY 1.75 billion ($15.4 million) contingent on the hotel’s performance over the next three years.

FEHT’s decision to invest in Japan is driven by the country’s burgeoning tourism market and the hotel’s strategic location, which offers excellent accessibility to key transport hubs. The property is a freehold asset with further development potential, enhancing its attractiveness as an investment.

This acquisition represents a significant step in FEHT’s growth strategy, allowing it to leverage Central Japan’s growth opportunities. By diversifying its portfolio, FEHT aims to build resilience and ensure sustainable growth in the competitive hospitality sector.
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The Singapore Airlines (SIA) Group reported a 3.3% increase in its operating profit for the third quarter of FY2024/25, reaching S$629m. This growth was driven by record passenger numbers, with SIA and its low-cost subsidiary, Scoot, carrying 10.2 million passengers, marking a 7.2% increase from the previous year. Despite this, passenger yields fell by 4.5% due to heightened competition.

The Group’s revenue hit a record S$5.2b, a 2.7% rise from the same period last year, bolstered by strong demand for air travel. Cargo revenue also saw a significant boost, increasing by 9.7% due to robust e-commerce activity and increased freighter charters.

Expenditure rose by 2.6% to S$4.59b, with non-fuel costs up by 8.6%. However, net fuel costs decreased by 9.8%, aided by a 20.9% drop in fuel prices. The Group’s net profit soared by 146.7% to S$1.63b, largely due to a S$1.1b non-cash accounting gain from the merger of Air India and Vistara.

SIA continues to expand its network, launching new routes and increasing flight frequencies. The Group’s fleet now includes 207 aircraft, with plans to introduce new cabin products across its Airbus A350-900 fleet. The merger with Air India, completed in November 2024, has also strengthened SIA’s presence in the Indian market.
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Ken Cheung, the founder of Singapore-based QQ Music and a veteran in the tech, media, and entertainment sectors, has been appointed as the Chairman, Asia Pacific, and General Partner of Creative Capital Ventures (CCV).

Cheung brings over 30 years of experience from his roles at Tencent, Warner Music Group, BBC, Facebook, and Instagram. His leadership is expected to drive CCV’s expansion and investment strategy across Asia Pacific, North America, and Europe.

CCV, an innovation group focused on cultural and lifestyle sectors, recently launched a €50m fund (S$69.86m) to support early-stage tech companies and intellectual property acquisitions. The appointment of Cheung is seen as a strategic move to leverage his extensive experience and network to capitalise on emerging opportunities in the region.

John Darling, Founding Partner of CCV, emphasised the importance of Cheung’s role, stating, “Ken’s appointment marks a transformative moment for CCV as we expand our footprint in Asia Pacific. His unparalleled experience and proven track record in building and scaling businesses across multiple regions align perfectly with our mission to accelerate cultural and lifestyle innovation globally.”

Cheung expressed his enthusiasm for the new role, highlighting the immense opportunities in Asia Pacific, which accounts for over 60% of the world’s population and includes rapidly growing economies like China, Japan, India, and Indonesia. He aims to connect opportunities across Asia and beyond, working closely with CCV’s team of General and Venture Partners.

This strategic appointment signals a new phase of growth for CCV, as it strengthens its leadership team and enhances its role in high-impact investments.
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Singapore’s wholesale trade sector experienced a mixed performance in the fourth quarter of 2024, according to the latest figures from the Singapore Department of Statistics.

Domestic wholesale sales saw a decline of 4.4% compared to the same period in 2023. However, when petroleum was excluded, the drop was less severe at 0.7%.

Foreign wholesale sales also faced a downturn, decreasing by 2.9% year-on-year. Yet, excluding petroleum, foreign sales actually grew by 2.1%.
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DKSH Consumer Goods Singapore has announced a strategic partnership with Malaysian beverage company Vida World Sdn. Bhd. to bring Vida Water, a line of premium hydration solutions, to the Singapore market. This collaboration aims to expand DKSH’s beverage portfolio and cater to the increasing demand for high-quality hydration products.

The partnership will leverage DKSH’s extensive distribution network to enhance the reach and visibility of Vida Water across Singapore. By connecting Vida World’s premium beverages with DKSH’s established relationships in retail, general trade, and food service outlets, the collaboration seeks to ensure swift market penetration.

Vida World, known for its diverse range of beverages including juices, smoothies, and functional drinks, has established itself as a premium brand globally. Chan Meng Yang, CEO of Vida World, expressed enthusiasm about the partnership, stating, “Our joint efforts will ensure that this exceptional product reaches those who prioritise health and wellness, whilst contributing to the growth and innovation of the hydration category.”

Adrian Kang, Vice President of Fast Moving Consumer Goods at DKSH Singapore, highlighted the alignment of the partnership with DKSH’s mission of delivering high-quality consumer goods. “With 160 years of experience in the Asian market and a commitment to excellence, we are confident that Vida Water will quickly become a go-to choice for health-conscious consumers in Singapore,” Kang said.

This partnership not only diversifies DKSH’s product offerings but also creates cross-selling opportunities across its consumer goods portfolio, aiming for long-term growth and success for both companies.
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The Formula 1 Singapore Airlines Singapore Grand Prix 2025 is set to feature iconic performances by Elton John and G-DRAGON at the Padang Stage, enhancing the excitement of the night race from 3rd to 5th October. In addition to the star-studded line-up, new ticket options have been released, including a brand-new Marina Bay Grandstand and single-day walkabout tickets.

G-DRAGON, the South Korean superstar, will make his long-awaited return to Singapore on 3rd October, marking his first performance in the city-state in seven years. Known for his influence in the music industry since his debut with BIGBANG, G-DRAGON will perform at the Padang Stage in Zone 4. His upcoming album, ‘Übermensch’, is set for release on 25 February.

Elton John will close the race weekend on 5th October, performing after the Formula 1 race. The British pop legend, renowned for hits like “Rocket Man” and “Tiny Dancer”, will return to the stage following his record-breaking ‘Farewell Yellow Brick Road’ tour.

The 2025 Formula 1 season promises thrilling action with Lewis Hamilton debuting for Scuderia Ferrari and the introduction of five new drivers at the Marina Bay Street Circuit. The event will also feature the Porsche Carrera Cup Asia and the F1 Academy, with expanded grids and new teams.

Due to high demand, additional tickets have been made available, including the new Marina Bay Grandstand, offering prime views and access to all performance stages. Single-day walkabout tickets start at $108 (S$148), whilst hospitality packages are nearly sold out.

Singapore GP Pte Ltd recently won the ‘Fan Experience’ award at the Formula 1 Promoter Awards, recognising their exceptional fan engagement and entertainment offerings. Tickets are available through the Singapore GP website and authorised partners.
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Sonar, a leader in code quality and security solutions, has announced its acquisition of AutoCodeRover, an autonomous AI agent platform developed by researchers from the National University of Singapore (NUS). This strategic move is set to enhance Sonar’s offerings by addressing engineering challenges such as debugging, issue remediation, and code refactoring, reinforcing its commitment to AI-driven development.

AutoCodeRover, a pioneering platform in the use of Large Language Models (LLMs) for coding, has demonstrated strong results on SWE-bench, a benchmark for automatic software issue remediation. The platform automates steps in the software development life cycle by inferring developer intent, thus streamlining processes and improving efficiency.

Sonar plans to integrate AutoCodeRover with its SonarQube offerings later this year, promising to accelerate development, improve code quality, reduce costs, and foster innovation. The platform’s LLM-agnostic design ensures compatibility with various language models, offering users flexibility in choosing the best solutions for their needs.

Tariq Shaukat, CEO of Sonar, highlighted the potential of AI agents to enhance developer productivity and satisfaction by reducing time spent on non-creative tasks. “Agentic AI working side by side with developers will help them build better, faster, and spend more of their time on the activities they enjoy,” he stated.

Ridwan Shariffdeen, CEO and co-founder of AutoCodeRover, expressed enthusiasm about the collaboration, noting that combining their advanced technology with Sonar’s solutions will drive significant impact for developers globally. This acquisition marks a significant step in advancing AI’s role in software development, with potential implications for the industry’s future.
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Rental volumes for both condominiums and Housing Development Board (HDB) flats in Singapore increased in January 2025, according to the latest report from 99.co and SRX. This rise in activity comes despite a decline in rental prices, driven by expatriates securing leases and tenants capitalising on lower rents.

Condominium rental prices saw a slight decrease of 0.3% from December 2024, with the Core Central Region (CCR) and Rest of Central Region (RCR) experiencing declines of 0.6% and 0.4%, respectively. The Outside Central Region (OCR) remained stable. Year-on-year, overall condo rental prices increased by 0.5%, with the CCR seeing a 1.8% decrease, whilst RCR and OCR rose by 1.9% and 0.4%, respectively.

Rental volumes for condos increased by 7.6% month-on-month, with 6,306 units rented in January 2025 compared to 5,862 in December 2024. However, volumes were 5.6% lower than the five-year average for January.

In the HDB market, rental prices fell by 0.6% from the previous month, with Mature and Non-Mature Estates seeing decreases of 0.1% and 0.9%, respectively. Despite this, year-on-year rental prices increased by 3.8%. Rental volumes for HDB flats rose by 7.5% month-on-month, although they were 12.9% lower than January 2024.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that landlords were more willing to negotiate lower prices rather than leave units vacant. He added that the price decline might be temporary due to firm demand. As condo rents potentially fall further, some tenants may opt for condos over HDB flats, potentially impacting HDB rental prices in the coming months.
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Private residential rental levels in Singapore have stabilised in 2024, marking a return to market norms after significant growth from 2021 to 2023, according to Savills Research.

The average monthly rent for luxury condominiums increased by 1.7% quarter-on-quarter (QoQ) in Q4 2024, despite a 24.2% drop in leasing volume to 19,733 transactions.

The decline in leasing volume was primarily driven by a 30.8% QoQ decrease in rental contracts for landed houses. Non-landed flats and condominiums also saw a 23.7% QoQ decrease across all market segments, including the Core Central Region, Rest of Central Region, and Outside Central Region. However, on a year-on-year basis, leasing numbers rose by 3.7%.

Despite the drop in leasing activity, landlords have resisted lowering rents due to higher property taxes and conservancy charges, coupled with limited availability of large luxury flats. George Tan, Managing Director of Livethere Residential at Savills Singapore, noted that expatriates and professionals who are flexible in their housing choices could find deals that fit their budget and lifestyle, especially in suburban areas.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, highlighted potential challenges in 2025, citing the adoption of artificial intelligence in the workplace as a factor that could reduce demand for rental housing from expatriates. However, fewer new private home completions and higher property taxes may help maintain rental levels.

The stock of completed private residential properties rose by 0.7% QoQ in Q4 2024, whilst the vacancy rate decreased by 0.6 percentage points to 6.6%, indicating a modest recovery in the market.

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Beng Kuang Marine has announced a 167.7% YoY increase in net profit, reaching S$21.19m for the financial year 2024. This surge is attributed to a strategic shift towards an asset-light and service-oriented business model, which has driven revenue up by 41.3% yer-on-year (YoY) to S$111.88m. The company plans to reward its shareholders with a proposed dividend of S$0.006 per share.

The company’s Infrastructure Engineering (IE) division experienced a notable organic revenue growth of 60.3% YoY, amounting to S$91.43m, driven by strong demand for asset integrity solutions and services for floating assets like Floating Production Storage and Offloading vessels (FPSOs) and Floating Storage and Offloading vessels (FSOs). This growth was further supported by the company’s efforts to streamline operations and exit loss-making ventures, resulting in an improved gross profit margin of 34.6% compared to 31.5% in the previous year.

A one-off gain of S$5.51m from a partial land sale also contributed to the financial results. The company reported a net cash inflow of S$13.47m from operating activities, strengthening its balance sheet with cash and cash equivalents rising to S$22.92m.

Looking forward, Beng Kuang Marine aims to capitalise on growth opportunities in the offshore and marine industry, leveraging its service-centric model to enhance business sustainability and shareholder value.
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