Industry News

Lendlease Global Commercial REIT has announced its acquisition of a 70% stake in PLQ Mall, a key retail hub in Singapore, as part of its strategy to expand its suburban retail portfolio. The acquisition, valued at S$885m, represents a 21% discount on the mall’s latest valuation and is expected to increase the REIT’s total asset value to S$3.9b by 12 November 2025.

Located in the heart of Paya Lebar, PLQ Mall is a vibrant urban lifestyle destination featuring over 200 retail, dining, and entertainment outlets. The mall’s prime location, with excellent connectivity via the Paya Lebar MRT interchange and major expressways, supports its long-term income growth potential. The acquisition is expected to enhance Lendlease REIT’s income stability and portfolio resilience, with Singapore now representing 89% of its portfolio.

The acquisition will be financed through a private placement offering of no less than S$270m. The transaction is not subject to unitholders’ approval under the Listing Manual. Guy Cawthra, CEO of the Manager, stated, “This acquisition marks a strategic step forward in strengthening our resilient suburban retail portfolio in Singapore. It offers immediate DPU accretion for Lendlease REIT’s unitholders underpinned by an attractive entry valuation.”

The move aligns with Lendlease REIT’s focus on acquiring higher-yielding assets with long-term growth potential. The suburban retail component of the portfolio will expand to 62.7%, supported by consumer demand for essential services. The acquisition is expected to deliver consistent growth, with the proportion of essential services rising from 57.7% to 59.9% of the retail gross rental income.

Wee Hur Holdings has announced a strategic move involving the partial disposal and restructuring of its interest in the Grenfell Property, located at 188 Grenfell Street, Adelaide, South Australia. This decision is part of their PBSA Fund 3 initiative, aimed at optimising the development and financial structuring of the property.

The company’s Chief Investment Officer, Goh Wee Ping, highlighted the unique approach of Wee Hur Holdings, stating, “This is a greenfield strategy, where we are creating value from the ground up. There’s little inherent value at the land-acquisition stage, the real value is unlocked after development and stabilisation of the asset.”

Wee Hur Holdings distinguishes itself by warehousing projects on its balance sheet before involving external investors. This strategy allows the company to secure sites, advance approvals, and complete design work independently. Goh explained, “A pure-play fund manager wouldn’t have the balance sheet strength or flexibility to do this. This is our edge.”

The decision not to raise the fund at the outset is deliberate. Goh noted, “Bringing investors in too early would drag down their returns because the capital would be sitting idle.” By carrying the project through the initial phase, Wee Hur Holdings aims to unlock multiple income streams, including fund-management fees, development fees, performance fees, and operating income.

This strategic restructuring is expected to enhance the property’s value and provide significant returns once it is construction-ready and transferred to the fund.

The Lien Foundation, KK Women’s and Children’s Hospital (KKH), and SingHealth Community Hospitals (SCH) have launched the Cocoon programme to enhance the quality of life for young patients with chronic, complex medical conditions in Singapore. Supported by $3.4m (S$4.7m) in funding from Lien Foundation, Cocoon is set to benefit over 240 paediatric patients over four years, establishing Singapore’s only paediatric facility at a community hospital.

Located at Sengkang Community Hospital, the facility will provide continuity of care beyond KKH’s acute setting, offering rehabilitation, caregiver training, and psychosocial support. The programme also introduces two structured training courses to cultivate a skilled network of local practitioners in paediatric palliative care. These include a Certificate Course for Paediatric & Perinatal Palliative Care and a Graduate Diploma in Paediatric & Perinatal Palliative Care, launching in 2026.

Children with severe neurological impairment and complex medical conditions often require long-term care, which can be burdensome for families. The Cocoon programme addresses this by providing a rehabilitative environment to reduce hospital-acquired infection risks and support family well-being. Dr Xu Bangyu, Medical Director at Sengkang Community Hospital, stated, “Our facility offers children and their families the space, time, and care they need to rebuild strength, regain hope, and prepare for life beyond the hospital.”

The initiative marks a significant step in addressing the gap in specialised paediatric care facilities in Singapore, aiming to improve the quality of life for both young patients and their families.

SIA Engineering Group has announced a net profit of $83.3m for the first half of the financial year ending 30 September 2025, marking a 21.1% increase compared to the previous year. This growth is attributed to a robust demand for maintenance, repair, and overhaul (MRO) services, which drove a 26.5% rise in group revenue to $729m. Despite a 25% increase in expenditure, the group’s operating profit improved by $9.6m to $13m.

The company’s share of profits from associated and joint venture companies also saw a significant rise, increasing by $12.7m to $71.3m. The engine and component segment contributed $68.6m, whilst the airframe and line maintenance segment added $2.7m. Basic earnings per share for the period stood at 7.45 cents.

In the second quarter alone, SIA Engineering reported a net profit of $40.4m, up $4.8m year-on-year, with operating profit reaching $7.9m. The company declared an interim dividend of 2.5 cents per share, payable on 28 November 2025.

The group continues to expand its MRO capabilities, supported by new agreements with Singapore Airlines and Scoot, valued at $1.3b over two years. Additionally, operations commenced at the new Techo International Airport in Phnom Penh, further enhancing their service network. Despite challenges from geopolitical tensions and supply chain issues, SIA Engineering remains focused on growth in the Asia-Pacific region and enhancing its core services.

Antares Singapore celebrated its 10th anniversary, highlighting a decade of growth and success under the leadership of Li Shan Yeo, the first female CEO in Singapore’s insurance market. Since its inception in 2015, Antares Singapore has evolved from a small team into a significant player in the Asian insurance sector, known for its underwriting discipline and service excellence.

Li Shan Yeo, who has led the company since its establishment, emphasised the importance of local expertise in her speech at the anniversary event. “10 years ago, Antares launched its operations in Asia with a clear objective: to create a team of local underwriting professionals who align with the commitment to consistency and service,” she stated. The company boasts an underwriting team with over 80% female representation, a testament to its commitment to diversity and inclusion.

Michael van der Straaten, CEO of Antares Group, praised the Singapore branch’s achievements, noting its transformation from a one-room office to a robust and diverse platform. “Antares Singapore has become a key pillar of our business,” he said, attributing the success to the dedication and talent of the team.

Under Li Shan’s leadership, Antares Underwriting Asia has expanded its offerings to include Property, Casualty, Marine, Speciality, and Reinsurance. The company has also launched new specialist products and strengthened its marine and energy capabilities, maintaining consistent profitability.

Looking ahead, Antares Singapore aims to continue its trajectory of growth, innovation, and collaboration, building on the strong foundation established over the past decade.

The Government Land Sales (GLS) site at Telok Blangah Road has garnered significant attention, drawing three bidders, with Kingsford Development submitting the highest bid of $1,326 per square foot per plot ratio (psf ppr). This marks the first private residential site launched in the Greater Southern Waterfront since Harbour View Towers in 1990, and the first in Telok Blangah since The Reef at King’s Dock in 2021.

The high participation level was anticipated due to the site’s substantial quantum, nearing $1b. Mark Yip, CEO of Huttons Asia, highlighted the strategic advantage for developers, noting, “Developers will gain a first-mover advantage in this coveted housing neighbourhood.” The demand for living in the Greater Southern Waterfront is expected to be robust, potentially leading to high take-up rates when the project launches in 2027.

The site is well-connected, with a bus stop at its doorstep and Telok Blangah MRT station less than a five-minute walk away. Major expressways such as the AYE, CTE, and MCE are also nearby, enhancing accessibility. Employment opportunities abound in the vicinity, including Mapletree Business City and the redevelopment of Harbourfront Centre. Additionally, amenities are plentiful, with VivoCity and Alexandra Retail Mall nearby, and Blangah Rise Primary School within 1km.

Looking ahead, the Rest of Central Region (RCR) may face an undersupply of new homes by 2027, with an estimated 2,340 units available, a 51% decrease from the 4,772 units projected for 2025. This potential shortage underscores the strategic importance of the Telok Blangah site for developers and future residents alike.

Criteo, a global platform connecting the commerce ecosystem, has released its Q4 2024 Double Date Shopping Review, highlighting the significant impact of double-day sales events in Southeast Asia. The report reveals that events like 10.10, 11.11, and 12.12 have driven substantial growth, with revenue up 9.6%, transactions increasing by 6.5%, and traffic rising by 6.4% year-on-year. These findings underscore the importance of these events as a strategic opportunity for brands to acquire new customers.

The data shows that Singles’ Day was the standout event, boosting revenue by 172%, sales by 132%, and traffic by 48% over baseline performance. This event alone drove a 98% increase in new buyer acquisitions, outperforming other double-day events and Western sales days like Black Friday. Sukesh Singh, Managing Director (SEA) at Criteo, noted, “The impressive performance of Q4 double days across Southeast Asia underscores its growing significance in the regional retail calendar.”

Key categories such as Health and Beauty, Baby and Toddler, and Apparel and Accessories saw the most significant growth. In particular, Health and Beauty led the charge, with sales peaking at 311% during Singles’ Day. The report suggests that retailers should tailor their marketing strategies to local market preferences to maximise sales impact.

Looking ahead to 2025, Criteo advises brands to plan early for these events, focus on increasing basket sizes through strategic merchandising, and tailor campaigns to specific market trends. These strategies are expected to help brands capitalise on the growing consumer engagement during these peak shopping periods.

Singaporean consumers are leading the Asia Pacific & Japan region in digital impatience, according to a new study by Twilio. The research highlights that Singapore’s advanced digital maturity has heightened consumer expectations for swift, human-led digital experiences. The study, titled “Decoding Digital Patience: Are Asia Pacific’s Digital Users Losing Their Cool?”, reveals that 54% of Singapore consumers are less tolerant when interacting with AI, the highest in the region.

The findings indicate a strong preference for human-led support, with 46% of Singaporeans opting to start directly with a human agent, even if it takes longer. This preference underscores the importance of human interaction for complex or high-stakes issues. Consumers are most patient in high-stakes interactions, such as healthcare, but grow impatient with less critical issues like retail and tech.

Twilio’s Vice President for APJ Communications, Robert Woolfrey, emphasised the need for brands to design AI experiences that combine speed with empathy and clarity. “Speed alone doesn’t earn patience. AI can deliver efficiency, but if it fails to understand customers, provide clear guidance, or allow easy human escalation, it risks frustrating rather than delighting them,” he stated.

The study also found that whilst 62% of Singapore consumers are willing to accept delays for enhanced security, only 43% are willing to pay extra for it. This suggests that in mature markets like Singapore, top-tier service and security are seen as baseline expectations rather than premium features. As AI continues to shape customer service, brands are urged to balance speed with human empathy to maintain consumer satisfaction.

Luxury home sales in Singapore’s Core Central Region (CCR) have soared by over 20% in the third quarter of 2025, according to the latest report by OrangeTee, part of the Realion Group. The increase is attributed to a strong demand from affluent Singaporeans, who accounted for 76% of the purchases, reflecting their growing affluence and interest in high-end real estate as investment assets.

The report highlights that 171 luxury homes, each priced at a minimum of S$5m, were transacted in Q3 2025. This marks a significant rise from the 143 and 141 units sold in the first and second quarters, respectively. Both new and resale luxury homes contributed to this growth, with new launches such as UpperHouse at Orchard Boulevard and The Robertson Opus boosting sales.

The priciest transaction recorded was a unit at The Marq on Paterson Hill, sold for S$6,274 per square foot in September 2025, making it the third-highest priced unit on record. Additionally, the demand for ultra-luxury flats, priced at S$10m or more, saw a slight uptick, with 15 units sold in the quarter.

The report also notes a dip in Good Class Bungalow (GCB) transactions, with seven recorded in Q3 2025, down from nine in the previous quarter. However, the average land rate for GCBs rebounded to S$2,215 per square foot.

Looking ahead, OrangeTee anticipates continued demand for luxury homes, driven by new project launches and potential interest rate cuts, which could further stimulate the market. The prevailing Additional Buyer’s Stamp Duty rates are expected to maintain local demand as the primary driver of the luxury market.

Taobao Singapore has unveiled its new affiliate programme, Taobao Affiliates, coinciding with the 11.11 Global Shopping Festival. This initiative enables registered users to earn up to 30% commission by sharing product referrals. The programme, available on both Chinese and English-language interfaces, is open to all Singapore users with a valid social media account.

Jean Zhao, Country Head of Taobao Singapore, expressed enthusiasm about the launch, stating, “Our 11.11 festival has always been about connecting with our consumers to deliver and share lifestyle experiences that transcend the online space.” She highlighted Singapore as a key market and expressed excitement for future developments.

In addition to the affiliate programme, Taobao Singapore has expanded its product categories, reflecting local demand and customer insights. The platform now offers over 100 million products, with special focus on five top-selling categories: fashion, home and furniture, emerging hobbies and niche interests, electronics and appliances, and quirky knick-knacks.

To enhance the shopping experience, Taobao Singapore is offering a range of promotions until 14 November. These include sitewide discounts of up to 15%, free shipping vouchers, and cashback offers. The 88VIP membership, previously exclusive to China, is now available to Singapore users, providing additional benefits.