US-based data software company Hammerspace has announced the establishment of its Asia headquarters in Singapore, marking a significant expansion into the region. This move is motivated by the increasing demand for artificial intelligence (AI), high-performance computing, and GPU-intensive applications. The company has also launched operations in Japan and China, with plans to expand further into other Asian markets in 2025.

Hammerspace’s expansion aligns with Singapore’s Smart Nation and AI initiatives, including the Budget 2025 applied AI initiative and RIE2030 research programmes. As Singapore continues to adopt AI and cloud technologies, businesses are required to enhance their data infrastructure to ensure seamless and high-performance access across hybrid cloud environments. The country’s AI market is projected to reach US$1.40bn in 2025.

The company has reported record growth in 2024, with customer adoption increasing by 32% year-on-year and revenue rising tenfold. Hammerspace’s solutions are utilised across various sectors, including finance, government, leisure, life sciences, media, technology, and retail. Notable clients include Meta, which has achieved significant cost savings and faster data access, and Blue Origin, which has realised over US$1m in cost reductions.

Hammerspace aims to create a single global data environment that spans any storage or cloud location, offering automated data orchestration, enhanced security, and seamless integration with existing infrastructure. The company will also be presenting at Supercomputing Asia from 10 to 13 March 2025, further solidifying its presence in the region.
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Tencent Cloud has announced a strategic partnership with Singapore-based Trident Digital Tech Holdings Ltd, marking a significant step in digital innovation. Trident will migrate its entire digital service operations onto Tencent Cloud’s infrastructure, incorporating advanced metaverse solutions. This collaboration positions Trident as Tencent Cloud’s pioneering Metaverse-in-a-Box customer in Singapore.

Tridentity, Trident’s flagship product, is a blockchain-based identity solution offering secure single sign-on authentication for third-party systems. It aims to enhance security features, protecting sensitive information and preventing threats. Trident plans to utilise Tencent Cloud’s infrastructure, including Cloud Virtual Machine, TencentDB, and EdgeOne, to serve millions of monthly active users by 2025, particularly in Southeast Asia and Africa.

The partnership will see Trident leveraging Tencent Cloud Blockchain as a Service for rapid deployment, ensuring a scalable infrastructure to support business expansion. Tencent Cloud’s Metaverse-in-a-Box will enable Tridentity to deliver seamless customer experiences across various sectors in Southeast Asia. This includes high-performance products like EdgeOne, which will accelerate services and protect APIs from threats.

Trident has already demonstrated its capabilities by creating a metaverse for the Singapore National Day Parade in 2024, featuring games and landmarks. With Tencent Cloud’s support, Trident scaled its infrastructure in three days, allowing thousands to enjoy the metaverse.

Ken Siow of Tencent Cloud expressed excitement about the partnership, highlighting the benefits of the Metaverse-in-a-Box solution. Soon Huat Lim of Trident emphasised the revolutionary impact on digital identity and access within their metaverse ecosystem.
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YouTrip, Singapore’s leading multi-currency digital wallet, has unveiled its latest overseas transfer feature, enabling users to send money abroad with competitive exchange rates and a transparent fee structure. This new service, launched in December 2024, aims to meet the growing demand for efficient international remittance services.

Since its phased introduction, the feature has gained traction, particularly during the Chinese New Year period, with users able to remit funds to over 40 countries, including Malaysia, Indonesia, India, the Philippines, and Australia. Transfers can be made directly to overseas bank accounts or via FAST payment methods like DuitNow, GCash, and UPI in select countries.

Caecilia Chu, Co-Founder and CEO of YouTrip, stated, “YouTrip has redefined how individuals make cross-border payments since our inception. With our new overseas transfer feature, we’re excited to offer users the ability to send money to loved ones abroad with the same ease, cost-effectiveness and security they have come to expect from YouTrip.”

The service is designed for simplicity, allowing users to specify the amount, add recipient details, and track the transfer status in real-time via the mobile app. Users can send up to S$20,000 per transaction and S$100,000 annually. To celebrate the launch, YouTrip offers a S$5 cashback for the first two transfers over S$300, valid until 31 March 2025.

Security remains a priority, with multi-layered measures such as OTP verification and biometric authentication for transactions over S$1,000. These features ensure a secure and user-friendly experience, reinforcing YouTrip’s commitment to innovation in digital finance services.

Savills Singapore has announced the sale of an exceptional Good Class Bungalow (GCB) redevelopment plot at 5 Jalan Sampurna, located in the prestigious Oei Tiong Ham Park enclave in District 10. This freehold site, spanning approximately 14,982 square feet, offers a unique opportunity for buyers seeking a prime asset in one of Singapore’s most exclusive residential areas.

The plot boasts a prominent 37-metre street frontage and a depth of 32 metres, making it an ideal canvas for a luxurious architectural project. Situated off Holland Road, the site provides excellent connectivity to major expressways, Orchard Road, and the Central Business District. It is also surrounded by world-class amenities such as One Holland Village, Dempsey Hill, and the Singapore Botanic Gardens.

The GCB market in Singapore has seen renewed interest, with sales volume doubling in 2024 and total transaction value reaching S$1.15b. Alan Cheong, Executive Director of research and consultancy at Savills Singapore, noted, “With fewer than 3,000 GCBs in Singapore, the supply side is constrained, reducing the uncertainty level on prices.”

Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the plot’s potential, stating, “5 Jalan Sampurna presents a rare opportunity to acquire a rare freehold GCB redevelopment site in one of Singapore’s most coveted enclaves.”

The guide price for this prestigious plot is $31.3 million (S$42.8 million), with expressions of interest invited by 10 April 2025.
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Q&M Dental Group has announced a 27% rise in net profit after tax attributable to the parent, reaching S$14.6m on a revenue of S$180.7m for the financial year ending 31 December 2024. The company’s core dental business contributed significantly to this growth, with a 10% increase in net profit to S$27.8m.

The Group plans to initiate a share buyback of up to 50 million ordinary shares and has declared a second interim dividend of 0.7 pence per share, payable on 26 March 2025. This brings the total annual dividend for FY2024 to 1.1 pence per share, reflecting a payout ratio of 71%.

Dr Ng Chin Siau, Group CEO of Q&M, highlighted the company’s resilience and strategic progress despite challenges such as the cessation of its medical laboratory business. “Our commitment to quality, innovation, and expansion remains unwavering,” he stated, noting recent acquisitions and advancements in dental AI solutions.

Looking forward, Q&M aims to strengthen its presence in Singapore and expand across Southeast Asia and China. Dr Ng emphasised the company’s vision to become the premier provider of dental healthcare services in the region, expressing confidence in creating lasting value for stakeholders.

The financial results underscore Q&M’s strategic focus on its core dental operations and its ability to adapt and thrive in a competitive market. The Group’s continued expansion and innovation efforts are expected to bolster its position in the regional dental healthcare sector.
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The Institute of Singapore Chartered Accountants (ISCA) has launched its inaugural Professional Services Centre in Johor Bahru, strategically situated within the Johor-Singapore Special Economic Zone (JS-SEZ). This initiative, announced on 28 February 2025, marks the first of 10 centres ISCA plans to establish globally by June 2025, aiming to enhance business growth and economic collaboration between Singapore and Malaysia.

The Johor Bahru centre is a collaborative effort involving the Association of Small & Medium Enterprises (ASME), Institute of Valuers and Appraisers, Singapore (IVAS), Law Society of Singapore, Singapore Manufacturing Foundation (SMF), and Tax Academy of Singapore. It will provide a range of professional services, including accounting, legal, and business valuation, to support Singaporean businesses expanding into Malaysia and vice versa.

Teo Ser Luck, President of ISCA, emphasised the centre’s role in fostering cross-border partnerships and developing accountancy talent. “Our Professional Services Centre in Johor Bahru and our partnerships with universities in Malaysia aim to ensure that businesses across both countries prosper,” he stated.

The Malaysian government has set a target to train 60,000 professional accountants by 2030, aligning with ISCA’s efforts to meet the growing demand for professional services in the JS-SEZ. ISCA plans to partner with local universities to create pathways for students to pursue the Singapore Chartered Accountant Qualification.

Wong Wen Tak, CEO of Grant Thornton Malaysia – Johor Office, highlighted the centre’s potential impact: “Together, the joint expertise and resources of the accounting fraternity from both countries will surely be an important support to the development of the JS-SEZ.”
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Singapore’s Military Security Department (MSD) has revealed that approximately 0.1% of National Service enlistees are identified as potential security threats each year. This equates to about 50 individuals out of nearly 30,000 pre-enlistees screened annually over the past decade. The screening process is part of a comprehensive effort to ensure that individuals who may pose a risk are not placed in positions where they could acquire soldiering skills or access sensitive equipment.

The MSD employs a security screening process during enlistment and throughout the servicemen’s tenure. This is a standard practice among militaries globally to prevent trained soldiers from causing harm to peers or civilians. The department collaborates with other government security agencies to enhance the effectiveness of these screenings.

The criteria for identifying potential threats are periodically calibrated based on feedback and current security conditions. This ensures a balance between excluding genuine threats and not unnecessarily sidelining individuals who pose no risk. “These calibrations can result in year-to-year fluctuations,” stated Defence Minister Ng Eng Hen, highlighting the need for professional judgement in the screening process.

The announcement underscores the importance of maintaining stringent security measures within the military to safeguard both personnel and the public. As security conditions evolve, the MSD’s approach will continue to adapt, ensuring that Singapore’s military remains vigilant against potential threats.
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The Singapore Land Authority (SLA) has announced an increase in Land Betterment Charge (LBC) rates, effective from 1 March to 31 August 2025. The revision, conducted biannually with the Chief Valuer’s consultation, sees an average rise across all sectors, with the most significant increase in landed residential properties.

The LBC rates for landed residential properties, categorised under Use Group B1, have seen a 2.9% increase. This follows a similar rise in the previous revision, despite a 3.5% decline in the landed price index in the second half of 2024. Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that all 118 sectors experienced an increase in LBC rates, ranging from 2.6% to 3.7%.

Commercial properties, under Use Group A, experienced a 0.6% increase in LBC rates, a slower growth compared to the previous cycle’s 1.5%. The Orchard area, benefiting from retail demand, saw the most significant increases, with a notable transaction at ION Orchard setting a benchmark.

Non-landed residential properties, classified as Use Group B2, saw a stabilisation with a 0.3% increase, rebounding from a 5.4% decline in September 2024. The increase was primarily observed in nine out of 118 sectors, with notable interest in the River Valley Green site.

Hotels and hospitals, under Use Group C, also experienced a 0.6% rise, with 13 sectors seeing increases between 3.8% and 8.8%. This reflects the ongoing recovery in tourism and investor interest in converting properties into hotels or serviced flats.

Industrial properties, categorised as Use Group D, saw a marginal 0.1% increase, attributed to significant transactions such as Admirax and 21 Jalan Buroh. Only six out of 118 sectors experienced changes, with the rest remaining stable.

These revisions highlight the dynamic nature of Singapore’s property market, with varying impacts across different sectors. The changes reflect current market conditions and transactions, indicating a cautious yet optimistic outlook for the property landscape.
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City Developments Limited (CDL) is embroiled in a leadership dispute that has escalated to the courts, following allegations of governance breaches by Sherman Kwek, the company’s CEO. Executive Chairman Kwek Leng Beng has expressed serious concerns about attempts to undermine CDL’s governance structure, leading to a court application to address these issues.

Kwek Leng Beng, in his official statement, emphasised the importance of maintaining CDL’s integrity and governance. He accused Sherman Kwek and certain directors of bypassing the Nomination Committee twice, in violation of the Singapore Exchange (SGX) Listing Rules and the Code of Corporate Governance. “The urgency of our application stemmed from our serious concerns about Sherman and the directors acting with him attempting to undermine and disrupt the governance structure of CDL,” he stated.

The court has since frozen changes to the Board committees and the management of relevant CDL subsidiaries, pending further orders. Kwek Leng Beng highlighted that the actions taken were necessary to protect CDL and its shareholders during this period of significant turmoil.

Philip Yeo, a Non-Independent Non-Executive Director at CDL, echoed these concerns, accusing the CEO and his allies of intentionally circumventing the Nomination Committee to appoint two new independent directors. Yeo criticised the CEO’s focus on grievances rather than addressing the $1.9 billion (£1.5 billion) in shareholder losses through Sincere Properties and other UK investments.

Both leaders underscored the need for the CEO to collaborate with the entire Board to prioritise shareholder interests. As the matter awaits a court decision, CDL’s governance practices remain under scrutiny, with potential implications for its leadership and operational strategies.
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The Singapore Land Authority has announced revised Land Betterment Charge (LBC) rates for the period from 1 March to 31 August 2025, with notable increases across several property categories.

The most significant change is seen in the Landed Residential (B1) sector, where all 118 sectors experienced an increase in rates, ranging from 2.6% to 3.7%. This adjustment reflects the strong upward pressure on the landed housing market, according to Dr Chua Yang Liang, Head of Research and Consultancy at JLL Singapore.

The LBC rates for other sectors also saw upward adjustments, albeit to a lesser extent. The Commercial (A) sector recorded a 19% increase, whilst the Hotel (C) sector saw an 11% rise. The Industrial (D) sector remained relatively stable, with only a 0.1% average adjustment across a few sectors.

Dr Chua noted that these changes are based on transactional evidence and reflect the current mood in the Singapore land market. “The effect of this latest change should not adversely impact the overall market activities,” he stated, highlighting that the LBC primarily affects developments with increased development intensity and land values.

Tan Hong Boon, Executive Director of Capital Markets at JLL, added that whilst the collective sale market has seen some successes, the recent LBC adjustments are unlikely to significantly alter market trends or investor confidence. He emphasised the importance of realistic pricing for collective sale sellers, given the current supply of Government Land Sale sites.

Overall, the revised LBC rates underscore the ongoing demand and valuation trends in Singapore’s property market, with implications for future investment activities.
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