Knight Frank Singapore has announced revised land betterment charge (LBC) rates effective from 1 March 2025. The commercial LBC rates have increased by 0.6%, affecting 22 out of 118 sectors, with notable increments in areas such as Orchard Road, Stamford Road, and River Valley. This adjustment follows a previous 1.5% increase six months ago.

The rise in commercial LBC rates is attributed to increased prices of strata commercial properties in key areas like City Hall and Bugis, as well as heightened sales activity in the Rochor Planning Area due to the launch of One Sophia in November 2024. Leonard Tay, Head of Research at Knight Frank Singapore, noted that small business owners and non-institutional investors are keen on boutique office spaces in central locations.

For landed residential properties, the LBC rates have risen by 2.9% across all sectors, despite a 1.6% decrease in the URA Price Index for landed homes from March to December 2024. Tay expressed surprise at this increase, questioning the rationale behind it given the government’s previous cooling measures aimed at stabilising housing prices.

In the non-landed residential sector, the LBC rates saw a minimal increase of 0.3%. Developers have been cautious with land tenders, and the collective sales market remains subdued, with only a few successful enbloc projects like River Valley Apartments.

The hotel sector experienced a 0.6% rise in LBC rates across 13 sectors, driven by growing investor interest and a return to pre-pandemic tourist levels. Meanwhile, the LBC rates for places of worship and community buildings increased by 5.8%, marking the first adjustment in over a decade.

These changes reflect ongoing shifts in Singapore’s property market, with implications for investors and developers navigating the evolving landscape.
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Cordlife Group Limited has announced a revenue of S$27.8m for the financial year 2024, marking a significant milestone as the company fully resumed its Singapore operations on 14 January 2025. This development comes after a period of operational adjustments and highlights Cordlife’s commitment to strengthening its market presence.

The resumption of operations in Singapore is expected to enhance Cordlife’s service delivery and customer engagement. The company, known for its expertise in cord blood banking and related services, has been focusing on expanding its operational capabilities to meet growing demand. The financial results reflect the company’s strategic efforts to optimise its operations and capture market opportunities.

Cordlife’s management expressed optimism about the future, stating that the full resumption of operations in Singapore is a critical step in their growth strategy. The company aims to leverage its enhanced operational capacity to drive further growth and innovation in the sector.

Looking ahead, Cordlife plans to continue investing in its infrastructure and service offerings to maintain its competitive edge. The company’s focus on operational excellence and customer satisfaction is expected to play a pivotal role in its ongoing success.
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ST Engineering, a leading player in defence and public security, has reported a profit of S$702m for 2024, marking an 18% year-on-year (YoY) increase. This figure slightly surpassed analysts’ expectations, driven by robust performance in its Defence & Public Security and Urban Solutions & Satcom segments. The company is poised for continued growth in 2025, buoyed by strong free cash flow generation and potential dividend increases from 2025 to 2027.

The company’s international defence business is expected to benefit from heightened geopolitical tensions in Europe, providing a favourable backdrop for growth. Analyst Shekhar Jaiswal noted the positive surprise in the second half of 2024 margins, reinforcing confidence in the company’s future performance.

ST Engineering’s projected target price has been revised to S$5.90, reflecting a 12% upside potential. The company is also expected to maintain a yield of approximately 3%, making it an attractive proposition for investors seeking stable returns.

Looking ahead, ST Engineering’s strategic focus on expanding its international defence operations and leveraging its strong cash flow positions it well to navigate the challenges and opportunities of the coming years. The company’s commitment to enhancing shareholder value through potential dividend hikes further underscores its robust financial health and growth prospects.
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The Maritime and Port Authority of Singapore (MPA) reported an unauthorised boarding of the Singapore-registered chemical tanker, BASSET, in the Singapore Strait at approximately 07:00 on 28 February. The incident occurred outside Singapore Territorial Waters, and a crew member was injured during the event. The vessel is now anchored in Singapore waters, and the Singapore Police Coast Guard and Singapore Civil Defence Force have been activated to provide assistance, including a medical evacuation for the injured crew member.

All crew members have been accounted for, and there are no Singaporean nationals among them. The MPA has issued safety broadcasts advising vessels in the area to maintain a vigilant watch. Despite the incident, the MPA confirmed that the safety of navigation along the Singapore Strait remains unaffected.

The MPA continues to monitor the situation closely and is committed to ensuring the safety and security of maritime operations in the region. The incident highlights the ongoing need for vigilance and security measures in one of the world’s busiest shipping lanes.
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Access Communications Singapore has been appointed as the official PR and Communications agency for Wiggle Wiggle’s inaugural pop-up event in Southeast Asia, marking the brand’s debut in Singapore. The agency will manage media engagement, influencer outreach, and publicity to generate excitement around the event.

Wiggle Wiggle, founded in 2014 by Artshare, is a Korean brand celebrated for its vibrant and playful design ethos. The brand has established a significant presence in Korea, collaborating with major corporations and attracting a dedicated following among the MZ generation. Its flagship stores in Korea, China, and Japan are known for drawing large crowds, with the Korean store alone welcoming 500,000 visitors monthly. During key campaigns, Wiggle Wiggle’s online sales have reached $2 million within just four days.

The brand’s international acclaim continues to grow, with its Harajuku store recently featured on Japanese national television and its Shanghai flagship earning a spot in the “POP SHANGHAI TOP 100” ranking. The Singapore pop-up is expected to further enhance Wiggle Wiggle’s global footprint.

Access Communications Singapore’s role as the strategic communications partner is pivotal in amplifying the brand’s presence in the region. The agency’s efforts will focus on creating a buzz that resonates with both local and international audiences, leveraging the brand’s unique aesthetic appeal.

As Wiggle Wiggle makes its mark in Singapore, the collaboration with Access Communications is set to drive significant engagement and visibility for the brand’s Southeast Asian venture.
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InnoTek Limited has announced a proposed dividend of 2.0 Singapore cents per share following a robust financial performance. The company recorded a net profit of S$5.8m, with revenue increasing by 15.8% to S$238.0m. This financial upturn highlights InnoTek’s resilience and strategic growth in the current market.

The company’s revenue growth is attributed to its strategic initiatives and operational efficiencies. InnoTek’s management expressed confidence in maintaining this momentum, emphasising the importance of delivering value to shareholders. The proposed dividend reflects the company’s commitment to rewarding its investors amidst a challenging economic landscape.

The increase in revenue and profit underscores InnoTek’s ability to adapt and thrive, positioning the company for continued success. The proposed dividend is set to enhance shareholder value, reinforcing investor confidence in the company’s future prospects.
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Grandtag Financial Consultancy has announced the appointment of Louise Thean as its Chief Proposition Officer for Asia, effective January 2025. This newly created role highlights Grandtag’s dedication to enhancing wealth preservation and legacy planning solutions for high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients across the region.

Louise Thean, a seasoned professional with over 20 years of experience in financial services, will spearhead Grandtag’s proposition strategy and regional expansion. She has been instrumental in the company’s growth since joining in 2016, establishing impactful partnerships to deliver tailored solutions. Her new role will also involve deepening strategic alliances with financial institutions throughout Asia.

Before joining Grandtag, Thean held senior roles at International Planning Group, AXA Wealth, and Standard Chartered, where she honed her expertise in business development, operations, and client servicing. Her leadership is backed by professional advisory qualifications and advanced certifications.

Martin Wong, Regional CEO of Grandtag, expressed confidence in Thean’s appointment, stating: “Her extensive experience, deep industry knowledge, and strategic vision will be invaluable as we continue to build our digital platform and expand our position as the trusted legacy planning partner for HNW individuals and UHNW families.”

Thean herself remarked on the significance of her new role, saying: “With economic and geopolitical shifts reshaping the wealth landscape, now more than ever, our clients need tailored solutions to safeguard their assets and future-proof their legacies.”

Grandtag, a financial adviser in Singapore since 2007, continues to expand its presence in Asia, with offices in Singapore, Hong Kong, and Malaysia. The firm’s success is built on personalised services and strong relationships with private banks and asset managers.
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Singtel has announced the successful completion of a Proof of Concept (POC) for an AI-enabled Home WiFi Gateway, developed in collaboration with Qualcomm Technologies. The innovative gateway intelligently identifies and prioritises traffic based on application type, significantly enhancing user experience by reducing latency by up to 50% for applications such as gaming, streaming, and voice and video calls.

The trial, which tested various applications across multiple devices, demonstrated the effectiveness of the AI-powered Smart Traffic Classifier, part of the Qualcomm Networking AI Suite. This development marks a significant step in Singtel’s efforts to commercialise the technology across its markets, beginning with Singapore. The company plans to explore further AI capabilities using Qualcomm’s platforms to enhance customer satisfaction.

Jorge Fernandes, Group Chief Technology Officer at Singtel, highlighted the importance of effective traffic management in today’s connected world. “Through this collaboration with Qualcomm Technologies, we’re setting new benchmarks in home connectivity by harnessing the power of AI to deliver seamless bandwidth allocation and energy optimisation,” he stated.

The initiative is part of a broader collaboration between Singtel and Qualcomm, following a Memorandum of Understanding to develop transformative solutions. ST Liew, Vice President & President of QC Taiwan, SEA and ANZ, expressed enthusiasm for the partnership, noting its potential to revolutionise connectivity and enhance user experiences.

This AI-enabled Home WiFi Gateway will support Singtel’s ongoing efforts to enhance its broadband network, meeting the increasing demand for new technologies and improving digital customer experiences.
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The Singapore Department of Statistics has reported notable increases in the country’s price indices for January 2025. The Import Price Index rose by 1.7%, whilst the Export Price Index saw a 0.9% increase.

Additionally, the Singapore Manufactured Products and Domestic Supply Price Indices experienced significant growth, rising by 3.7% and 3.6% respectively compared to December 2024.

Excluding oil, the indices still showed positive movement. The Import Price Index increased by 0.6%, the Singapore Manufactured Products Price Index by 3.4%, and the Domestic Supply Price Index by 2.9%. However, the Export Price Index remained unchanged when oil was excluded.

These statistics are part of the monthly reports released by the Singapore Department of Statistics, which provide insights into the economic trends affecting the nation. The detailed figures are available in the Monthly Import and Export Price Indices and the Monthly Singapore Manufactured Products and Domestic Supply Price Indices, accessible through the SingStat Table Builder.

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Lendlease Global Commercial REIT (LREIT) has announced a 13% increase in the base rent for its Jem office, effective from 3 December 2024. This adjustment follows a rental review and applies for the next five years. The Jem office, located in Jurong Gateway, is fully leased to Singapore’s Ministry of National Development (MND) until 2044, with rental reviews scheduled every five years.

The MND is a key tenant for LREIT, contributing 11.2% to the REIT’s gross rental income (GRI) as of 30 June 2024. With the new rental terms, this contribution is expected to rise to approximately 12% by the end of 2024. Kelvin Chow, CEO of Lendlease Global Commercial Trust Management, highlighted the strong performance of their Singapore portfolio, stating, “Our Singapore retail and office assets continued to perform strongly as demonstrated by the positive rental increase.”

In addition to the office space, LREIT’s retail portfolio has shown robust growth, achieving a 99.9% committed occupancy rate and a positive rental reversion of 10.7% as of 31 December 2024. The tenant retention rate stands at a healthy 86.1%.

LREIT has also priced $87.5 million (S$120 million) in 4.75% fixed-rate perpetual securities, with proceeds earmarked for refinancing existing securities in April 2025. As of the end of 2024, LREIT has undrawn debt facilities amounting to $113.8 million (S$156.1 million), positioning it well for future growth and investment opportunities.
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