Industry News

UOB Kay Hian’s latest research report, “2Q25 Round-Up: Poised for an Upturn,” reveals a positive outlook for Singapore Real Estate Investment Trusts (S-REITs) as the sector shows signs of recovery. The report, released on 26 August 2025, indicates that two out of 21 S-REITs under their coverage exceeded expectations, with CapLand Integrated Commercial Trust (CICT) and Parkway Life REIT (PREIT) leading the charge.

The report maintains an “OVERWEIGHT” rating for S-REITs, suggesting investors consider blue-chip options such as CapLand Ascendas REIT (CLAR), CapLand Ascott Trust (CLAS), Keppel DC REIT (KDCREIT), Keppel REIT (KREIT), and Lendlease Global Commercial REIT (LREIT). These recommendations are based on specific catalysts and target prices, with CLAR, for instance, having a target price of S$4.02.

The retail sector has benefited from resilient domestic consumption, bolstered by government vouchers, leading to positive rental reversions. Frasers Centrepoint Trust (FCT) reported an 8-9% rental reversion for FY25, whilst LREIT achieved a 10.2% reversion. Meanwhile, the office sector has seen limited supply supporting rental growth, with KREIT achieving a 12.3% positive rental reversion in the first half of 2025.

The report also notes that the Federal Reserve’s anticipated rate cuts in the second half of 2025 could further stimulate economic growth, providing a favourable environment for S-REITs. With strategic acquisitions and asset enhancements underway, the sector is well-positioned for an upturn.
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Abaxx Technologies Inc, a financial software and market infrastructure company, recently facilitated a high-level delegation from the China City Gas Association (CCGA) to Singapore on 26-27 August 2025. The delegation engaged in discussions with Enterprise Singapore and the Asia Natural Gas & Energy Association (ANGEA) to explore opportunities for cross-border cooperation in the natural gas and energy sectors. The focus was on sustainability and innovation in Asia’s energy markets, particularly the adoption of carbon-neutral liquefied natural gas (LNG) and biogas integration.

The two-day programme underscored the importance of advancing China-Singapore energy ties and highlighted the role of public-private partnerships in building resilient energy markets. The CCGA delegation, representing China’s leading city gas distributors, met with Singapore policymakers and industry leaders to discuss strengthening regional market infrastructure and leveraging Singapore’s robust trading ecosystem.

Nancy Seah, CEO of Abaxx Exchange, stated, “The growing demand for cleaner energy solutions presents a complex set of challenges for markets across Asia. By facilitating this delegation, we’re helping to connect key stakeholders and identify practical pathways to enhance market efficiency.”

Enterprise Singapore’s Director of Trade, Ivan Tan, emphasised Singapore’s role as Asia’s energy trading hub, noting that energy companies from around the world base their operations in Singapore to access its talent, trade financing, and shipping services.

Paul Everingham, CEO of ANGEA, expressed support for the delegation, highlighting the importance of gas in China’s energy transition. Ma Changcheng, Deputy Secretary General of the CCGA, noted that Singapore’s strengths in LNG and financial markets provide valuable insights for China’s gas sector modernisation.

Abaxx Technologies continues to focus on enabling transparent, reliable market signals that support sustainable decision-making in the natural gas and energy sectors.
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CapitaLand Commercial C-REIT (CLCR) has received the green light from the China Securities Regulatory Commission (CSRC) to proceed with its listing on the Shanghai Stock Exchange. This landmark approval positions CLCR as China’s first international-sponsored retail C-REIT, with the listing anticipated by the fourth quarter of 2025. The move is set to raise approximately RMB2.1b (S$375m) through the issuance of 400 million units.

The listing of CLCR represents a strategic expansion for CapitaLand Investment Limited (CLI), which aims to strengthen its position as Asia Pacific’s largest REIT manager by market capitalisation. This initiative aligns with CLI’s domestic-for-domestic fund strategy, designed to tap into onshore capital and enhance its funds under management and recurring fee income.

CLCR’s initial portfolio will focus on high-quality retail assets in China, capitalising on government policies to boost domestic consumption. The portfolio includes CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha, offering a combined gross floor area of 168,405 square metres and a 96% occupancy rate as of 31 March 2025. These assets promise stable rental income, supported by a diversified tenant base and experienced asset management teams.

CLI, along with strategic investors CLCT and CLD, will maintain at least a 20% interest in CLCR. CLI will continue to manage the assets post-listing, leveraging its extensive experience in the Chinese market, where it manages 43 retail properties across 18 cities. With a total market capitalisation of S$38b as of 30 June 2025, CLI’s expertise is expected to drive the growth of CLCR and its associated entities.
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Sheffield Green, a Singapore-based human resource services provider for the renewable energy sector, has reported a 12% year-on-year increase in revenue for the financial year 2025, reaching $19.3m. This growth is attributed to strategic expansions in Taiwan and Poland, alongside new client acquisitions. The company’s net profit surged by 497% year-on-year, driven by continued investments in training and core human resource capabilities.

The company’s gross profit margin stood at 28.1%, influenced by one-off tax accruals and project timing. Despite these challenges, CEO Bryan Kee expressed optimism about the company’s future, stating, “Our investments in Taiwan, Poland, and South Korea have positioned us to tap into the fastest-growing offshore wind markets in Asia and Europe.”

Sheffield Green’s expansion efforts are part of a broader strategy to capitalise on the global shift towards decarbonisation. The company has established a training centre in Taiwan, which has shown promising progress, and is actively engaging with new clients. Kee added, “As the global push toward decarbonisation accelerates, we are confident that Sheffield Green is well positioned to capture the significant employment and talent opportunities emerging across the renewable energy value chain.”

The company specialises in providing human resource services for Engineering, Procurement, Construction, and Installation (EPCI) works in the renewable energy industry, with a focus on offshore wind projects. Looking ahead, Sheffield Green aims to further strengthen its position in the renewable energy sector, leveraging its strategic expansions and investments to drive future growth.
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The Insurance and Financial Practitioners Association of Singapore (IFPAS) and Kaplan Professional Australia have celebrated the graduation of nearly 110 financial advisory professionals from the High Net Worth (HNW) Certification and Fellow Chartered Financial Practitioner (FChFP) Certification programmes. These certifications, recognised by the Asia Pacific Financial Services Association (APFinSA), aim to elevate financial advisory standards across Singapore and the region.

The FChFP Certification, completed by nearly 60 individuals, provides an accelerated pathway to the Institute of Banking and Finance Singapore (IBF) Level 2 or Level 3 Certification. It focuses on real-world, client-centric learning, aligning with international best practices. Meanwhile, close to 50 professionals earned the Certified HNW Adviser title, bringing the total to almost 200. This programme emphasises asset protection, wealth management strategies, and client engagement skills.

The success of these programmes comes at a crucial time for the financial services sector in Southeast Asia. Regulatory reforms, digitisation, and rising client financial literacy are shifting the industry from product sales to advice-based service models. IFPAS President Ng Eng Beow remarked, “Graduating with the FChFP Certification or HNW Certification is not the final milestone – it marks the start of a lifelong journey of growth.”

Kaplan Professional Australia CEO Brian Knight highlighted the transformative nature of the certifications, stating, “These programmes are shaping the future of financial services education across Asia-Pacific.”

Graduates have shared how the certifications have recalibrated their client engagement strategies and strengthened their advisory credibility. The final intake for this year begins on 29 September for the FChFP Certification and 6 October for the HNW Certification.
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Singapore’s Real Estate Investment Trusts (REITs) are witnessing a resurgence in investor interest, driven by attractive valuations and a favourable yield spread, according to a DBS Group Research report. As the second half of 2025 unfolds, retail REITs are expected to deliver the most robust organic growth, closely followed by logistics and data centre sectors. Office REITs continue to surprise with positive rental reversions, contributing to the sector’s overall appeal.

The growth in distributable income is anticipated to outpace net property income, signalling a positive shift influenced by interest rate dynamics. Mid-cap REITs, such as LREIT, EREIT, and ELITE, present value-up opportunities with high yields ranging from 6% to 9%.

CapitaLand Integrated Commercial Trust (CICT) has been highlighted as a standout performer, achieving a 3.5% year-on-year increase in its first-half distribution per unit (DPU) to 5.62 Singapore cents. This performance surpasses expectations due to strong rental reversions and reduced financing expenses. CICT’s acquisition of the remaining 55% stake in CapitaSpring Commercial is expected to provide accretive upside through master lease renewals in the financial years 2026–2027.

The trust’s strategic acquisitions, retail asset enhancement initiatives, and contributions from renewed Gallileo leases are projected to support a consistent 3% annual DPU growth. Analysts maintain a ‘buy’ rating for CICT, with a higher target price of SGD 2.50, implying a forecasted yield of 4.5% for the financial year 2025.

As Singapore’s REIT market continues to evolve, investors are poised to capitalise on the promising growth prospects across various sectors, reinforcing the market’s attractiveness, DBS Group Research said.
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A new initiative by the Competition and Consumer Commission of Singapore (CCCS) and the Consumers Association of Singapore (CASE) will see major supermarket chains in Singapore, including NTUC FairPrice, Sheng Siong, Prime Supermarket, Cold Storage, and Giant, participate in a unit pricing pilot programme starting 1 September 2025. This eight-week trial aims to improve price transparency by displaying unit prices for selected grocery items, such as rice, meat, and vegetables, allowing consumers to make more informed purchasing decisions.

The pilot will involve displaying the price per unit of measurement, such as per litre or per kilogram, alongside the selling price. This approach is designed to help consumers easily compare prices across different brands and packaging sizes. During the trial, shoppers may be approached by a market survey firm engaged by CCCS to provide feedback on the initiative.

Alvin Koh, Chief Executive of CCCS, emphasised the importance of consumer participation, stating, “This pilot represents an important step towards the potential introduction of unit pricing in Singapore. We are keen to hear your suggestions and experiences.”

Melvin Yong, President of CASE, highlighted the significance of the initiative for budget-conscious shoppers, noting that countries like the UK and Australia have already benefited from similar approaches. CASE has been offering unit pricing on its Price Kaki app since 2023, receiving positive feedback.

The pilot’s insights could lead to broader adoption of unit pricing across Singapore, empowering consumers to shop more confidently and effectively manage their budgets.
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Together Diamonds has officially launched in Singapore, marking a significant innovation in the jewellery industry by transforming life’s milestones into keepsake diamonds. The brand is the first in Singapore to create authentic, IGI-certified diamonds from the hair, fur, or ashes of loved ones and pets using advanced High-Pressure High-Temperature technology. This service provides a deeply personal way to celebrate relationships and memories, from engagements and anniversaries to everyday gestures of love.

The company distinguishes itself by offering the most affordable prices in the industry without compromising on quality. Customers can expect custom diamonds delivered in just three months, a significant reduction compared to competitors’ timelines. Together Diamonds also ensures full transparency by documenting the entire crafting process of each diamond. Every diamond meets exceptional standards, with DEF colour, VS clarity, and an excellent cut, and comes with free IGI certification for diamonds 0.5 carats and above.

The launch coincides with the opening of Together Diamonds’ first physical store at Excelsior Shopping Centre, providing customers the opportunity to explore bespoke jewellery collections and consult with experts. Founder Andrew Lim, who previously established the keepsake jewellery brand Apartsg, aims to redefine the emotional significance of lab-grown diamonds. “Together Diamonds is all about celebrating every milestone,” Lim stated, emphasising the importance of commemorating life’s moments beyond memorials.

Together Diamonds offers a creative approach to keepsake jewellery, allowing customers to create diamonds symbolising family unity, enduring love, or memorial tributes. The brand’s innovative concept encourages individuals to celebrate life’s important moments with a personal touch, turning them into everlasting brilliance.
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The Institute of Valuers and Appraisers Singapore (IVAS) has announced a series of initiatives aimed at advancing business valuation excellence. These were unveiled at the IVAS-IVSC Business Valuation Conference 2025, held on 27 August. The initiatives focus on regional expansion, strengthening international collaboration on valuation guidelines, and enhancing the recognition of the Chartered Valuer and Appraiser (CVA) programme.

The IVAS is set to bolster its regionalisation efforts, which are expected to facilitate greater cooperation and standardisation in business valuation practices across borders. This move is anticipated to benefit professionals in the valuation industry by providing a more cohesive framework and fostering international partnerships.

A key component of the announcement is the emphasis on the CVA programme. By increasing the recognition of this certification, IVAS aims to elevate the professional standards and credibility of valuers in Singapore and beyond. This initiative is expected to attract more professionals to the programme, thereby enhancing the overall quality of business valuation services.

The conference highlighted the importance of these initiatives in aligning Singapore’s valuation practices with global standards. This alignment is crucial for maintaining the competitiveness of Singapore’s valuation industry in the international market.

As these initiatives roll out, they are likely to have significant implications for the valuation industry, potentially leading to more robust and reliable valuation practices. The IVAS’s efforts to enhance professional recognition and regional collaboration underscore its commitment to advancing the field of business valuation.
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Tiger Brokers has announced a significant financial milestone in Q2 2025, with revenue soaring 58.7% year-over-year (YoY) to US$138.7m. The company’s non-GAAP net income surged nearly eightfold YoY to $US44.5m, whilst client assets reached a record US$52.1b. Singapore emerged as a key growth driver, with trading volumes and client engagement hitting new highs.

The company’s total trading volume increased by 113% YoY, reflecting robust investor activity. Trading orders and commissions also reached record levels, rising 62.2% and 69.4% YoY, respectively. US stock and IPO trading volumes surged 117.8% and 130.8% YoY, reinforcing Tiger Brokers’ position as a gateway for high-profile investing opportunities.

In Singapore, the Tiger BOSS Debit Card expanded its rewards portfolio to include the US “Magnificent Seven” and popular ETFs, whilst increasing its annual transaction limit to $100,000. Additionally, Tiger Brokers Singapore partnered with the Singapore Exchange (SGX) in April to develop specialised training programmes for wealth management professionals.

Wu Tianhua, founder and CEO of UP Fintech, stated, “In Q2, we delivered strong growth in both revenue and profit. Non-GAAP net profit surged eightfold YoY, hitting a record high.” He highlighted the company’s solid profitability and operating leverage, noting that average net asset inflows from new clients in Q2 exceeded US$20,000.

Looking ahead, Tiger Brokers aims to sustain its growth trajectory by enhancing its investment platform and expanding its client base. The company’s strategic initiatives, including partnerships and product innovations, are expected to further strengthen its market position.
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