Industry News

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.

The Chelsea Clinic, a prominent name in aesthetic medicine and part of SBC Medical Group Holdings, has relocated to a new flagship facility at Ngee Ann City, Singapore. This expansion, announced on 4 November 2025, aims to enhance patient experience and reinforce Singapore’s position as a hub for aesthetic medicine. The opening ceremony was attended by Toru Hotta, Deputy Chief of Mission at the Embassy of Japan in Singapore, who participated in the ribbon-cutting event.

Founded in 1999 by Ewen Chee, The Chelsea Clinic has been a pioneer in aesthetic medicine, offering medically supervised procedures for skin health and rejuvenation. The new facility consolidates the clinic, spa, and corporate headquarters under one roof, featuring 16 rooms, including 12 clinic rooms and four spa rooms. This expansion is designed to improve privacy, comfort, and efficiency for patients.

The clinic’s relocation not only increases space but also enhances operational integration and patient services. With dedicated consultation rooms and expanded waiting lounges, the facility promises a more personalised environment. The clinic has also strengthened its Japanese-language support, offering multiple reservation channels and a Japanese-speaking staff member to assist patients.

Ewen Chee, Founder and Medical Director of The Chelsea Clinic, stated, “Our relocation to Ngee Ann City reflects our commitment to providing a more elevated and seamless patient journey.” This move is part of SBC Medical’s broader strategy to expand its presence in Asia and deliver high-quality medical services.

Singapore Gulf Bank (SGB) has announced its collaboration with Fireblocks to bolster its digital asset infrastructure. This partnership will enable SGB, a digital wholesale bank regulated by the Central Bank of Bahrain, to enhance its treasury management and digital asset custody. By integrating Fireblocks’ secure platform, SGB aims to streamline operations and optimise liquidity across various accounts and venues.

Founded by Whampoa Group and backed by Bahrain’s Mumtalakat, SGB bridges traditional financial services with the digital asset economy. The bank sought a reliable infrastructure provider to meet stringent regulatory standards whilst expanding its digital asset capabilities. Fireblocks’ platform, known for its Multi-Party Computation (MPC) cryptography, offers multi-layered security against attacks and human error, allowing SGB to scale its operations securely.

Shawn Chan, CEO of SGB, stated, “We exist to make regulated banking work for the digital asset economy. By using Fireblocks, we’re able to automate processes, reduce operational risk, and most importantly offer clients faster, safer access to digital asset services.”

The integration also grants SGB access to the Fireblocks Network, a leading digital asset network trusted by over 2,400 fintechs and financial institutions. This network facilitates secure stablecoin payments and efficient crypto trading, enhancing SGB’s connectivity and service offerings.

This development follows the launch of SGB Net in May 2025, a multi-currency clearing network designed for digital asset firms. Together, Fireblocks and SGB are creating a more integrated financial network, enabling institutions to access digital assets with improved security and efficiency.

The Singapore National Employers Federation (SNEF) marked its 45th anniversary with the SNEF45 Employers’ Summit, unveiling two initiatives to aid employers in navigating workplace transformation. The summit, themed “Forging the Future of Work Together,” highlighted SNEF’s ongoing commitment to progressive employment practices. The event, attended by over 300 guests, including Deputy Prime Minister Gan Kim Yong, introduced the SNEF Advisory, Resource, and Consultancy Centre (ARCC) and the SNEF Research Advisory Panel (RAP).

SNEF has been instrumental in shaping Singapore’s labour landscape over the past 45 years, advocating for balanced solutions that benefit both employers and employees. SNEF President Tan Hee Teck emphasised the importance of continued engagement with members to navigate new realities in a fast-evolving world.

The ARCC aims to be a comprehensive resource hub, offering advisory, consultancy, and resource services to support workforce transformation. It will utilise GenAI-powered tools, such as an AI Chatbot, to streamline services and empower employers with self-help resources.

The RAP, comprising five distinguished academics, will guide SNEF’s research agenda, providing data-driven insights to champion employers’ interests. This panel will focus on identifying future workforce trends and ensuring research rigour.

The summit also featured a keynote address by Dr He Zhengyu of Ant Group and a panel discussion on integrating AI into workflows to boost growth and productivity. These initiatives underscore SNEF’s role in supporting employers through transformative changes in the workplace.