Industry News

Changi Airport Group, in collaboration with Lotte Duty Free, is set to host the annual World of Wines & Spirits (WOWS) event on 24 and 25 October. Themed “Wonders Reimagined,” this year’s edition will showcase 63 rare bottles from 29 renowned labels, offering both travellers and non-travellers a unique opportunity to explore and acquire some of the world’s most exclusive wines and spirits.

The event, held at Changi Axis, will transform duty-free shopping into a multi-sensory experience. Attendees can expect nature-inspired zones, tasting galleries hosted by brand ambassadors, and innovative food pairings by Michelin-starred restaurant Nouri. The gala will also feature bespoke cocktails and live performances, enhancing the overall experience.

Highlights of the WOWS 2025 collection include the Johnnie Walker Vault Couture Expression, a collaboration between Master Blender Dr Emma Walker and French Creative Director Olivier Rousteing. The Macallan Fine & Rare Collection will also be featured, including the 1965 vintage, significant for coinciding with Singapore’s independence. Additionally, the Martell L’Or de Jean Martell Zodiac Edition – Assemblage du Cheval will be available, limited to just 750 bottles worldwide.

Changi Airport Group’s Managing Director, Hung Jean, emphasised the event’s focus on rarity and craftsmanship, stating, “This carefully curated portfolio aims to delight collectors and elevate the luxury retail experience.” Jeff Jeong Soongyu, Managing Director of Lotte Duty Free Singapore, highlighted the importance of collectability in defining value in the luxury wines and spirits market.

The WOWS event promises to be a remarkable gathering for connoisseurs and collectors, offering a glimpse into the world of rare and exquisite wines and spirits.

Storefriendly Singapore has launched an innovative online booking platform, enhancing the self-storage experience by allowing customers to book various space solutions seamlessly. This new platform, a first-in-industry proprietary system developed by Storefriendly, builds on the company’s pioneering efforts since mid-2023. It enables users to book self-storage, wine storage, document and business storage, coworking workspaces, and robotic storage (StorefriendlyGO) all in one place.

With seven locations across Singapore, including Paya Lebar, Clementi, and Jurong East, the platform offers flexibility and convenience. Customers can store personal items, business documents, or vintage wines, with prices starting at $72 (S$98) per month. The system simplifies the reservation process with an intuitive interface, allowing users to select storage type, size, rental duration, move-in date, and preferred location. A smart filter system ensures only available units are displayed, streamlining decision-making.

A standout feature of the platform is its interactive floor map, which lets customers visualise and choose their exact storage unit, enhancing transparency and control. Once a unit is selected, a clear summary page guides users through agreement acceptance.

This development marks a significant step in Storefriendly’s commitment to providing cutting-edge solutions for storage and workspace needs, setting a new benchmark in the industry. The platform’s user-friendly design and comprehensive offerings are expected to attract a wide range of customers seeking efficient and flexible storage solutions.

Pan Pacific Hotels Group (PPHG), part of Singapore’s UOL Group Limited, is enhancing its footprint in Southeast Asia by launching PARKROYAL Serviced Suites Hanoi. This move is part of the group’s strategy to tap into the region’s growing demand for long-stay accommodations, driven by robust economic growth and increasing international connectivity.

The new Hanoi property marks PPHG’s third venture in Vietnam, following recent openings in Jakarta and Penang. The group plans to introduce eight more properties across Vietnam, Cambodia, Thailand, Indonesia, and the Philippines over the next two years, bringing its total to 23 properties in Southeast Asia.

Vietnam’s economy is experiencing significant growth, with a GDP increase of 7.09% in 2024 and a tourism rebound that saw 17.6 million international arrivals. The country aims for 22 million visitors in 2025. This economic momentum, coupled with urbanisation in cities like Hanoi, is boosting demand for flexible, long-stay options.

A report by Savills highlights that Hanoi’s serviced apartments had an 86% occupancy rate in Q1 2025, a 4% rise from the previous year, with rental rates increasing by 5% year-on-year. PPHG’s latest launch aims to cater to this demand, offering premium long-stay accommodations for business travellers and families.

“Southeast Asia is a key pillar in our regional strategy,” said PPHG, emphasising Vietnam’s potential due to its dynamic economy and demand for extended-stay options. The new Hanoi suites complement the group’s flagship Pan Pacific Hanoi, marking a significant step in its regional expansion.

The iconic Chinese brand, White Rabbit, has brought a unique lantern art experience to Singapore’s Mid-Autumn Festival at Gardens by the Bay. The display, titled “Dancing of Butterflies,” creatively transforms the beloved White Rabbit creamy candy into vibrant butterfly shapes, with the candy’s signature red, blue, and white wrapper patterns forming dazzling wings. These luminous butterflies, set against shifting lights, have captivated numerous visitors.

This year marks both the 35th anniversary of diplomatic relations between China and Singapore and the 66th anniversary of White Rabbit. Since its inception in 1959, White Rabbit Creamy Candy has embraced the philosophy of “Share the joy, Share the warmth,” positioning itself as an ambassador of happiness connecting China with the world.

The lantern art presentation at the festival exemplifies how cultural themes and art can serve as a bridge, further promoting cultural exchange between China and Singapore and strengthening people-to-people bonds. In addition to the lantern display, White Rabbit participated in the festival market, offering visitors a chance to experience its sweet charm up close.

White Rabbit’s involvement in the Mid-Autumn Festival highlights the brand’s commitment to cultural exchange and its role in fostering international relations. As the festival continues, visitors can enjoy the enchanting display and partake in the celebration of cultural unity.

Centurion Accommodation REIT (CAREIT) has made a robust debut on the Singapore Exchange, closing at S$0.96 per unit, 9.1% above its initial public offering (IPO) price of S$0.88. Over 82 million units were traded on the first day, marking a significant entry for Singapore’s first pure-play purpose-built living accommodation REIT.

The IPO, managed by Centurion Asset Management Pte. Ltd., raised approximately S$771.1m. The offering saw strong demand, with the international placement of 248,960,900 units being 16 times oversubscribed, and the public offering in Singapore being 30.9 times oversubscribed. This high level of interest underscores the market’s confidence in CAREIT’s investment strategy.

CAREIT’s initial portfolio, valued at approximately S$1.84b, includes 14 assets across Singapore, the UK, and Australia. With the acquisition of EPIISOD Macquarie Park in Australia, the portfolio expands to 15 properties valued at S$2.12b. The REIT aims to deliver sustainable distributions and robust returns through organic growth and strategic acquisitions.

The successful listing of CAREIT not only highlights the demand for specialised accommodation investments but also sets a precedent for future REIT offerings in the region. As CAREIT continues to expand, it is poised to play a significant role in the global accommodation market.

Singapore’s fintech sector has experienced a significant rebound, attracting nearly $1.04b in investments across 90 deals in the first half of 2025, according to KPMG’s Pulse of Fintech H1 2025 report. This marks the highest investment level since H1 2023, despite a global decline in fintech investments.

The payments sector led the surge, raising $474.66 million (US$474.66 million), driven by major deals such as Airwallex’s $301m raise. This represents an almost eightfold increase from the second half of 2024, highlighting the growing demand for digital payment solutions. The digital assets and currencies sector also showed resilience, securing $254.10m across 48 deals, whilst the AI and machine learning sector attracted $234.5m through 22 deals.

Anton Ruddenklau, Partner and Head of Financial Services at KPMG in Singapore, noted, “In a climate shaped by global trade tensions, the ability to enable decentralised, tech-driven, and non-traditional financial solutions will be critical.”

Globally, fintech investments fell to $44.7b across 2,216 deals in H1 2025, the lowest since H1 2020. Despite this, Singapore’s robust regulatory frameworks and trusted financial ecosystem have positioned it as a strategic hub for fintech innovation.

Looking forward, the emphasis on scalable, tech-enabled platforms is expected to continue, with investors prioritising solutions that address the complexities of international payments and support digital transformation.

Condo resale prices in Singapore experienced a notable rise in August 2025, with the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) seeing increases of 3.7%, 0.4%, and 0.4%, respectively. The SRX Price Index for Condo Resale indicated a month-on-month overall price increase of 0.3%, and a year-on-year rise of 5.4% compared to August 2024.

The market saw an estimated 1,088 units resold in August, marking a 5% increase from July 2025. However, resale volumes were 3.7% lower than in August 2024, remaining stable compared to the five-year average for the month. The OCR accounted for 49.2% of transactions, RCR for 32.6%, and CCR for 18.2%.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the market’s usual slowdown during August due to school holidays and the Hungry Ghost month might shift as new launches, such as The SEN and Zyon Grand, are anticipated in the coming months. “Buyers may be keeping an eye on the new launch market,” he commented.

The highest resale price in August was S$15.8m ($11.5m) for a unit in Geylang. The overall median capital gain for resale condos was S$390,000 ($285,000), with District 22 posting the highest median capital gain at S$663,000 ($485,000).

As the market anticipates new launches, the resale sector may experience fluctuations depending on how these projects are priced and received.

The United States Federal Aviation Administration (FAA) and the Civil Aviation Authority of Singapore (CAAS) have signed an enhanced Bilateral Aviation Safety Agreement – Implementation Procedures for Airworthiness (BASA-IPA) on 23 September 2025. The agreement, signed by FAA Administrator Bryan Bedford and CAAS Director-General Han Kok Juan, aims to streamline the validation process for certain aircraft modification designs between the two countries.

The enhanced agreement will see the FAA recognising CAAS approvals for minor aircraft modifications, all aircraft repairs, and minor changes to article designs. This development is expected to benefit Singapore-based companies requiring US approval for their work. “This agreement underscores a significant step forward in our efforts with CAAS,” said Bedford. “By streamlining regulatory processes whilst maintaining the highest standards of safety, we’re strengthening global aviation partnerships and fostering innovation for the aerospace industry worldwide.”

Han highlighted the importance of the agreement, stating, “The expansion of the CAAS-FAA mutual recognition agreement is testament to our close partnership and the trust and confidence and marks a new milestone in Singapore-US aviation cooperation.”

The FAA and CAAS first signed a BASA-IPA in 2007. The latest enhancement follows a joint review, including site visits by the FAA to Singapore-based aviation and aerospace companies, further solidifying the collaborative efforts between the two nations.

Veson Nautical recently hosted a summit in Singapore, bringing together over 200 maritime industry leaders to explore the transformative potential of artificial intelligence (AI) and digitalisation in commercial shipping. The event, which included representatives from more than 60 companies across the Asia-Pacific region, focused on how a unified platform can enhance productivity and efficiency throughout the voyage lifecycle.

Chief Product Officer Eric Christofferson highlighted Veson’s approach to integrating AI into its solutions, emphasising the importance of freeing up time for human interactions and strategic decision-making. “We are fortunate to have solutions that enable workflows across the entire voyage lifecycle, and we think that AI has a place in almost every, if not all, of our products and solutions,” he stated.

The summit also addressed the challenges faced by shipowners, operators, and charterers in adapting to volatile markets, evolving regulations, and sustainability pressures. Discussions underscored the role of digitalisation as a crucial tool for gaining a decision-making advantage.

The event concluded with an executive panel featuring leaders from Veson Nautical, BHP, IMC Industrial Group, and Wah Kwong Maritime. The panel stressed the need for industry collaboration to balance AI adoption with accuracy and compliance in a rapidly changing market.

Veson Nautical’s co-founder and CEO, John Veson, emphasised the importance of streamlining operations and enhancing collaboration through a connected platform. “By delivering a connected platform that streamlines operations and enhances collaboration, we can help clients make smarter decisions in a volatile market,” he remarked. The summit highlighted the ongoing evolution of the maritime industry and the critical role of digital transformation in achieving commercial success.

Olam Agri and AGRA have signed a Memorandum of Understanding (MoU) to strengthen sustainable food and feed value chains in Nigeria and Ghana, with plans for future expansion across Africa. This collaboration, announced at the Africa Food Systems Forum 2025 in Senegal, seeks to improve food security and farmer livelihoods by leveraging Olam Agri’s market presence and AGRA’s expertise in agrifood systems.

The partnership focuses on scaling smallholder farmer programmes in soy, wheat, maize, and rice in Nigeria. Additionally, it aims to expand initiatives for poultry and aquaculture farmers, as well as baker programmes in Nigeria and Ghana, enhancing food safety, nutrition, and profitability. The collaboration builds on previous successful cooperation in the rice value chain, which supported over 5,000 smallholder farmers in Nigeria’s Niger state.

AGRA’s “New AGRA Strategy 3.0” will guide the initiative, focusing on seed systems development, inclusive markets, and government engagement. Olam Agri will contribute its market access, technical expertise, and digital tools to enhance productivity and sustainability across the value chain.

Saurabh Mehra of Olam Agri stated, “Through this partnership, we will scale our sustainability projects with farmers and bakers in Nigeria and Ghana.” AGRA President Alice Ruhweza added, “This partnership empowers African smallholder farmers and communities to thrive.”

The collaboration aims to promote climate-smart agriculture, empower women and youth, and strengthen market access. By joining forces, Olam Agri and AGRA aim to create a more resilient and inclusive food system for Africa.