Industry News

Hong Leong Holdings, alongside Hong Realty and GuocoLand, is set to launch Penrith, a 462-unit residential development in Queenstown, Singapore. This marks the first private residential project in the area since 2018. Public previews will begin on 3 October, with sales starting on 18 October. Prices for units start at $1.095m (S$1.495m).

Located on Margaret Drive, Penrith offers a prime city-fringe location with easy access to Queenstown MRT and key amenities. The development features two 40-storey towers with units ranging from two to four bedrooms. Inspired by the historic market town of Cumbria, England, Penrith incorporates English influences in its design, blending heritage architecture with modern living.

Betsy Chng, Head of Sales and Marketing at Hong Leong Holdings, highlighted Queenstown’s appeal, citing its central location and vibrant community. “We are optimistic that Penrith will see healthy demand,” she stated.

Penrith’s strategic location ensures excellent connectivity and proximity to educational institutions and shopping centres. The development is part of the Urban Redevelopment Authority’s Master Plan, promising continued renewal and growth potential in the area. The sales gallery will be open for preview until 15 October, offering potential buyers a glimpse into this unique blend of tradition and modernity.

Thakral Corporation Ltd has successfully divested its Yotsubashi Nakano Building in Osaka, Japan, for JPY5.3b, achieving a 13.7% premium over its book value. This strategic move, completed on 30 September, has unlocked approximately S$6.4m in cash flow and generated a one-off attributable profit of S$2 million for the company.

The divestment is part of Thakral’s ongoing strategy to recycle capital and enhance long-term value. The building, located in one of Osaka’s prime commercial districts, was acquired in Q4 2014 for JPY2.17b. Since then, it has delivered a strong equity internal rate of return (IRR) of about 18% per annum. The proceeds from the sale will bolster Thakral’s working capital and support its plans to reinvest in opportunities that drive future growth.

Inderbethal Singh Thakral, CEO and Executive Director of Thakral, stated, “This divestment reflects our disciplined approach to capital recycling and value realisation. The proceeds strengthen our balance sheet and enable us to redeploy capital into opportunities that enhance our earnings profile and long-term growth.”

Despite the sale, Thakral maintains a significant presence in the Osaka office market with five remaining office properties and one hotel. The company has also increased its stake in Thakral Japan Properties Pte Ltd to 56.96% following a share buyback.

Thakral Corporation, listed on the SGX Mainboard, continues to expand its investment portfolio across Australia, Japan, and Singapore, focusing on sectors such as lifestyle resorts, beauty, and technology.

Metro Holdings Limited has announced the appointment of Erwin Wuysang-Oei as the new Chief Executive Officer of Metro (Private) Limited, effective 1 October 2025. This strategic move is part of the company’s senior management succession plan aimed at driving the transformation of its retail division.

Wuysang-Oei, who has been with Metro since 2012, previously served as Chief Operating Officer from November 2023. With over 18 years of experience in the retail industry, he has played a crucial role in Metro’s omnichannel transformation, enhancing market competitiveness, operational efficiency, and customer engagement. His appointment underscores Metro’s commitment to continuity and innovation in a rapidly evolving retail landscape.

Executive Chairman of Metro (Private) Limited, Wong Sioe Hong, highlighted Wuysang-Oei’s deep understanding of the company’s business and culture. “His extensive experience in omnichannel retail and proven track record in driving operational excellence make him well-placed to lead Metro’s retail into its next chapter,” she stated.

Group CEO of Metro Holdings, Yip Hoong Mun, emphasised the importance of retail to Metro’s business strategy, noting that Wuysang-Oei’s experience will be instrumental in building resilience within the division. Wuysang-Oei expressed his honour at the appointment, stating, “We will continue to build on our strong foundation, enhance our current business, and embrace transformation to stay relevant in today’s dynamic retail landscape.”

Metro Holdings, listed on the Singapore Exchange since 1973, operates in property investment and development, as well as retail, with a presence in Singapore, China, Indonesia, the UK, and Australia.

Singapore’s Real Estate Investment Trusts (S-REITs) are set for a promising 2026, according to RHB’s latest report. The financial services group has reiterated its ‘overweight’ recommendation for the sector, highlighting a favourable economic outlook, moderated interest rates, and supportive government policies as key drivers. The report notes that investor interest in S-REITs has surged, buoyed by strong Singapore dollar liquidity and limited alternative yield options.

RHB’s top picks in the sector include CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, Frasers Centrepoint Trust, Suntec REIT, and AIMS APAC REIT. These trusts are trading closer to book value and offer yields of approximately 6%, making them attractive investment options. Analyst Vijay Natarajan emphasised the sector’s resilience, stating, “S-REITs have turned the corner with a brighter 2026 outlook.”

The report also underscores the importance of S-REITs in the local market, with their ability to attract fund flows and maintain investor interest. This is particularly significant given the current economic climate, where lower interest rates and government initiatives are expected to revitalise the market.

Looking ahead, the positive momentum in the S-REIT sector is likely to continue, supported by a stable economic environment and strategic government policies. Investors are advised to consider these factors when evaluating their investment portfolios.

The Housing Development Board (HDB) resale market experienced a modest increase in transaction volume during the third quarter (Q3) of 2025, with 7,157 units sold—up 0.8% from the second quarter (Q2). However, this figure represents a 10.9% decline compared to the same period last year, according to Huttons’ latest data.

The year-on-year slowdown is attributed to the simultaneous launch of Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises, alongside a significant policy change in July 2025. HDB’s offering of 1,396 BTO flats with a Shorter Waiting Time (SWT) of less than three years, and over 4,600 SBF flats, including 1,733 completed units, likely diverted demand from the resale market. Additionally, anticipation for the October 2025 BTO exercise, featuring flats in desirable locations such as Bishan and Greater Southern Waterfront, may have influenced buyer behaviour.

The allocation of BTO flats to second-timer families increased by 5 percentage points in July, easing demand for larger resale flats. Consequently, demand for 4-room, 5-room, and executive flats stabilised, with changes ranging from -0.2% to 0.9% in Q3, compared to 7.4% to 16.5% in Q2.

Resale flat prices rose by 0.4% in Q3 2025, marking the slowest quarterly growth since Q2 2020. The average price of million-dollar flats decreased slightly by 0.2% to $1,138,829, with over 90% of these transactions occurring in mature estates like Toa Payoh and Bukit Merah.

Looking ahead, the HDB resale market may face further slowing in Q4 2025 due to the upcoming BTO exercise and year-end holidays. Resale flat transactions for 2025 are projected to range between 26,000 and 28,000, with prices expected to grow at a slower pace of 3% to 4%.

foodpanda, Singapore’s leading food and grocery delivery platform, has partnered with TADA, the country’s first zero-commission ride-hailing service, to offer exclusive savings to their users. This collaboration, announced on 1 October 2025, allows pandapro subscribers to enjoy ride discounts whilst TADA users receive complimentary two-month pandapro subscriptions.

The partnership builds on a 2023 initiative and makes pandapro the only subscription service in Singapore offering savings across food delivery, pick-up, groceries, and rides. pandapro subscribers will receive five 10% ride savings vouchers monthly from TADA. Meanwhile, TADA users new to pandapro can redeem a complimentary two-month subscription. pandapro benefits include S$3 off delivery fees, 10% off pick-up orders, 20% discounted menu deals, and 3% off grocery purchases.

Bhavani Mishra, Managing Director of foodpanda Singapore, stated, “Expanding pandapro to offer discounts on rides gives subscribers more value, complementing the savings they already enjoy on groceries, daily essentials, and meals at home.” Sean Kim, CEO of TADA, added, “Our partnership is built on mutual respect and a shared belief that by playing to our respective strengths, we can deliver greater value directly to our drivers and passengers.”

Users can easily redeem these perks through the foodpanda and TADA apps, ensuring a seamless experience. This collaboration not only enhances user savings but also contributes to a more diverse market.

CBRE and Savills have announced the sale of two newly-refurbished shophouses located at 30 and 31 North Canal Road, Singapore. The sale, conducted via an Expression of Interest exercise, will close on 12 November 2025. These 5-storey shophouses, situated in District 1, boast a high-visibility road frontage and are part of the Upper Circular Road Conservation Area.

The shophouses have undergone extensive renovation, including a complete interior revamp and the addition of a new 5-storey rear extension with mezzanine. This has increased the total gross floor area to approximately 13,472 square feet. The asset now features modern specifications, efficient floor plates, lift access on all floors, and a spacious open roof terrace with views of Hong Lim Park and the city skyline.

Michael Tay, Deputy Managing Director of CBRE Singapore, highlighted the asset’s prime location and limited supply of similar properties, stating, “The asset presents an exceptional opportunity to invest into a prime location where sizeable shophouse assets of similar profile are extremely limited in supply.”

Located within the Central Business District and close to popular lifestyle destinations like Boat Quay and Clarke Quay, the property offers excellent connectivity with nearby MRT stations. Yap Hui Yee, Executive Director at Savills Singapore, noted the rarity of such properties in the CBD, adding that it offers a prestigious address with full naming and signage rights.

The guide price is set at $32.8m (S$45m), approximately $2,435 (S$3,340) per square foot. The sale is open to foreigners and companies, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applicable.

Singapore’s private residential market saw a significant uptick in activity during the third quarter of 2025, with transaction volumes reaching 6,594, marking a 28.6% increase from the previous quarter. This surge occurred despite the typically quieter Chinese Seventh Month and ongoing economic uncertainties, as reported by the Urban Redevelopment Authority (URA) flash estimates.

The URA All Residential Price Index showed a moderate quarter-on-quarter increase of 1.2%, contributing to an overall rise of 3.1% for the first nine months of the year. Leonard Tay, Head of Research at Knight Frank Singapore, noted that new launches in July and August bolstered market activity, particularly in the Core Central Region (CCR), where non-landed home prices rose by 2.4%.

Local homebuyers, including new citizens and permanent residents, have been active in the prime market segment, often purchasing for personal use or leasing to foreign professionals. The Additional Buyer’s Stamp Duty (ABSD) of 60% for foreign buyers has further incentivised foreigners to settle in Singapore amidst global tensions.

In contrast, the Rest of Central Region (RCR) experienced a modest price increase of 0.4%, whilst the Outside Central Region (OCR) saw a 1.0% rise. Landed home prices also grew by 1.4%, with buyers showing interest in older properties or those in less central locations.

Overall, Singapore’s residential market remains on a cautious growth trajectory, supported by domestic demand and steady developer launches. However, global economic headwinds, interest rates, and unemployment levels remain key factors to monitor. With a 3.1% price movement from January to September, the year’s growth is expected to align with the projected 3% to 5% range.

Singapore has solidified its position as the third largest global foreign exchange (FX) centre, following the UK and the US, according to the Monetary Authority of Singapore (MAS). The city-state’s average daily trading volumes (ADTV) in FX reached $1.485t in April 2025, marking a 60% increase from April 2022. This growth has boosted Singapore’s share of global FX volumes to 11.8%, up from 9.5% in 2022, as reported in the 2025 Triennial Central Bank Survey by the Bank for International Settlements (BIS).

The rise in Singapore’s FX ADTV was driven by significant increases in trading volumes across major currencies, including the US dollar, Japanese yen, and Euro, which saw growth rates between 36% and 65%. Additionally, the Chinese renminbi and Australian dollar also experienced notable increases. The FX spot, forwards, and swaps, which together account for 90% of Singapore’s turnover, rose by 42% to 61% over the same period.

Interest rate derivatives also saw a rise, with average daily volumes reaching $208b in April 2025, a 33% increase from 2022. The US dollar, Japanese yen, and Australian dollar were the most actively traded currencies in this category.

Lim Cheng Khai, Executive Director of MAS’ Financial Markets Development Department, highlighted the robust growth in FX volumes, attributing it to “deeper liquidity in the Asian time-zone” and Singapore’s role as a “trusted and efficient price discovery hub.”

The BIS survey, conducted every three years, aims to enhance transparency in the over-the-counter markets and was coordinated with central banks and authorities from 52 jurisdictions. The comprehensive data was gathered from 82 financial institutions in Singapore.

Coliwoo Holdings, soon to be renamed Coliwoo Holdings Limited, has lodged its preliminary prospectus with the Monetary Authority of Singapore (MAS) for an initial public offering (IPO) on the Singapore Exchange’s Mainboard. The move marks a significant step for the company as it seeks to list its ordinary shares. Maybank Securities is acting as the Issue Manager and Global Coordinator, with DBS Bank and RHB Bank Berhad as Joint Bookrunners and Underwriters.

The final prospectus will be available once registered by MAS, detailing the application process for interested investors. This document will be accessible on the MAS OPERA website and the SGX-ST website, or can be requested from Maybank Securities during office hours.

The IPO is a strategic move for Coliwoo Holdings, aiming to capitalise on the robust investment climate in Singapore. The involvement of major financial institutions like Maybank, DBS, and RHB underscores the offering’s significance. The listing is expected to enhance Coliwoo’s visibility and provide it with the capital needed for future growth initiatives.

As the company progresses towards its public listing, stakeholders and potential investors are advised to review the final prospectus for comprehensive details. The offering represents a pivotal moment for Coliwoo Holdings, positioning it for expanded operations and increased market presence.