Industry News

Malaysia and Singapore have announced plans for two new interconnections to facilitate cross-border electricity trade, underscoring their commitment to energy security and decarbonisation. This development was revealed during the 43rd ASEAN Ministers on Energy Meeting in Kuala Lumpur on 17 October 2025.

Singapore Energy Interconnections, SP Group, and Tenaga Nasional Berhad have signed a Joint Development Agreement to conduct detailed feasibility studies for a second electricity interconnection between Singapore and Peninsular Malaysia. This proposed interconnector, building on a pre-feasibility study completed in May 2025, could support up to 2 gigawatts (GW) of capacity by 2030, enhancing the existing link that allows up to 1 GW of bi-directional electricity flows. The agreement was witnessed by key officials, including Malaysia’s Deputy Prime Minister, Datuk Amar Haji Fadillah bin Haji Yusof, and Singapore’s Minister-in-charge of Energy, Dr Tan See Leng.

In a parallel initiative, Singapore’s Energy Market Authority has granted Conditional Approval to Sembcorp Utilities, in partnership with Sarawak Energy Berhad, to import approximately 1 GW of low-carbon electricity from Sarawak, Malaysia. This project, primarily powered by hydropower, is expected to commence operations around 2035, pending final approvals and subsea cable installation. The announcement was made at ceremonies attended by high-ranking officials from both countries.

These interconnections are poised to significantly bolster regional energy cooperation, contributing to the broader goals of energy security and sustainable growth.

Resorts World Sentosa (RWS) has announced the appointment of Si Chen as its new Chief Operating Officer (COO), effective 1 December 2025. This strategic move is part of RWS’s ongoing leadership renewal and operational enhancement under its RWS 2.0 transformation initiative. Chen will work closely with CEO Lee Shi Ruh to manage and develop the resort’s core businesses, focusing on improving day-to-day operations and guest experiences.

Chen brings nearly 20 years of international experience in the gaming and hospitality sector, having held senior leadership roles in integrated resorts across the region. His expertise in operations, marketing, and strategic initiatives is expected to contribute significantly to RWS’s growth and transformation journey.

RWS, located on Singapore’s Sentosa Island, is renowned for its world-class attractions, including Universal Studios Singapore and Adventure Cove Waterpark. The resort spans 49 hectares and features luxury hotels, a casino, and a convention centre, making it a premier tourism destination in Asia. Owned by Genting Singapore, RWS has been recognised as the “Best Integrated Resort” for 10 consecutive years at the TTG Travel Awards and was inducted into the TTG Travel Hall of Fame in 2023.

The appointment of Chen is anticipated to reinforce RWS’s position as a leading integrated resort and enhance its reputation as a top-tier tourism destination in Asia.

Jardine Matheson Holdings Limited has announced a recommended cash acquisition of Mandarin Oriental International Limited, aiming to acquire the remaining 11.96% of shares it does not already own. The acquisition, valued at approximately $4.2b, will be executed through a scheme of arrangement under the Bermuda Companies Act. Concurrently, Mandarin Oriental has agreed to sell the top thirteen floors of One Causeway Bay in Hong Kong to Alibaba Group and Ant Group for $925m.

The acquisition offers Mandarin Oriental shareholders $3.35 per share, including a special dividend of $0.60. This represents a significant premium over recent share prices, with a 52.3% increase over the closing price on 29 September 2025. The acquisition’s financial terms are final, with Jardine Matheson reserving the right to adjust the scheme value if Mandarin Oriental increases its dividend.

The Mandarin Oriental Transaction Committee, advised by Morgan Stanley Asia Limited, deems the acquisition terms fair and reasonable. The committee recommends that independent shareholders approve the acquisition. The acquisition’s completion is contingent upon the sale of One Causeway Bay, expected by 31 December 2025, with the scheme anticipated to become effective by 28 February 2026.

Jardine Matheson plans to finance the acquisition using cash reserves and committed facilities. Shareholder meetings to approve the scheme are scheduled for December 2025, with a circular detailing the acquisition to be published shortly.

Parkway Life Real Estate Investment Trust (PLife REIT), one of Asia’s largest healthcare real estate investment trusts, has announced significant changes to its Board of Directors, effective 20 October 2025. Robin Hu Yee Cheng will take over as Chairman, succeeding Ho Kian Guan, whilst Eng-Kwok Seat Moey joins as an Independent Director, succeeding Cheah Sui Ling as Chairperson of the Audit and Risk Committee.

The appointments are part of a strategic board renewal aimed at reinforcing PLife REIT’s commitment to robust governance and sustainable growth. Robin Hu brings a wealth of experience in investment, sustainability, and digital transformation, having held leadership roles at Milken Institute, Temasek, and Mandai Nature. “I am honoured to take on the role of Board Chairman for the Manager of PLife REIT,” Hu stated, emphasising the importance of building on the solid foundation established by outgoing board members.

Eng-Kwok, recognised for her expertise in capital markets and REITs, will enhance the board’s capability to pursue long-term value creation. Her strategic insight is expected to be instrumental in driving PLife REIT’s future growth.

The board also acknowledges the contributions of retiring members Ho Kian Guan, Jennifer Lee Gek Choo, and Cheah Sui Ling, whose leadership has been pivotal in shaping the trust’s resilience and governance.

With these changes, PLife REIT aims to maintain high standards of corporate governance and transparency, ensuring continued value for its unitholders. The refreshed board composition signals the trust’s readiness to embrace transformative change and reinforce its stature in the healthcare real estate sector.

SCG Cell Therapy Pte Ltd, a biotechnology company focused on developing advanced immunotherapies, has announced the presentation of clinical results for SCG142 at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin. The data, from an investigator-initiated Phase I trial, highlights the potential of SCG142 in treating recurrent or metastatic HPV-associated carcinomas.

The ongoing trial evaluates the safety and efficacy of SCG142, a T-cell receptor-engineered therapy targeting HPV. The study involves patients with advanced HPV16- or HPV52-positive carcinomas who have not responded to previous treatments. As of the latest data, all seven patients treated showed tumour shrinkage, achieving a 100% disease control rate. Notably, four patients experienced over 30% tumour reduction, with two confirmed partial responses.

No serious adverse events or dose-limiting toxicities were reported, indicating the therapy’s tolerability. “SCG142 is a novel and differentiated HPV-specific TCR T cell therapy with promising clinical activity,” stated Prof. Dr. Yang Li, Director of Medical Oncology at The First Affiliated Hospital of Guangxi Medical University. She emphasised the potential of SCG142 to offer new treatment options for various HPV-related cancers.

SCG142 was developed using SCG’s GianTCRTM platform, which identifies high-affinity T-cell receptors. These promising results support further clinical development and evaluation in larger patient cohorts.

Singapore Post Limited (SingPost) has unveiled a new initiative, SingPost@MyBlock, aimed at bringing postal services closer to home. The trial, launched on 19 October 2025, is set to be officiated by Deputy Prime Minister Gan Kim Yong. This initiative will allow residents to post and return mail directly from their residential letterbox nests, with dedicated slots or additional boxes clearly marked for ease of use.

The trial begins in the Punggol Northshore District, covering 27 housing blocks, and will expand to 226 blocks across five districts, including Punggol, Marine Parade, Upper Boon Keng, Bukit Panjang, and Bukit Batok. Running until the end of December 2025, the trial aims to assess the feasibility of a full island-wide rollout.

SingPost’s strategy focuses on enhancing community convenience by expanding its service touchpoints to over 2,500 locations. This expansion ensures that 80% of Singapore’s population can access a SingPost touchpoint within 10 minutes. The initiative is part of SingPost’s broader effort to adapt to changing consumer demands and improve its national delivery infrastructure.

The success of the SingPost@MyBlock trial could lead to a comprehensive implementation across Singapore, significantly enhancing the accessibility and convenience of postal services for residents.

The launch weekend for Faber Residence and Penrith saw robust sales, with 342 and 447 units sold respectively, according to Huttons Asia CEO Mark Yip. The projects, located in Faber Hills and Queenstown, attracted significant interest due to a lack of new supply in these areas for nearly eight years. The recent rate cut by the US Federal Reserve, which lowered local borrowing rates to below 2%, has further spurred investor interest in the property market.

Faber Residence, the first development in Faber Hills since 2014, offers waterfront living and proximity to educational institutions like Nan Hua Primary School. The project saw high demand for compact units, with all 2-bedroom units sold out and only a few larger units remaining. The appeal of the area is enhanced by its educational facilities, allowing families to remain in the area as their children grow.

Penrith, situated in the mature Queenstown estate, benefits from excellent connectivity, including access to the AYE and Queenstown MRT station. The project attracted a mix of HDB upgraders and private property owners, with Queenstown’s record of million-dollar flat transactions providing liquidity for upgrades. The development’s larger units, particularly the 3-bedroom and 4-bedroom types, were in high demand, with only a couple of 4-bedroom units left.

The strong sales reflect a combination of pent-up demand, economic resilience, and ample liquidity in Singapore. The government may consider increasing land supply in the first half of 2026 to meet ongoing demand and moderate land prices.

Faber Residence, a riverfront development in Clementi, achieved impressive sales over its launch weekend, selling 344 out of 399 units, according to PropNex CEO Kelvin Fong. The project, which marks the final launch in Singapore’s Outside Central Region (OCR) for the year, sold units at an average price of $2,160 per square foot (psf).

The robust sales performance highlights the enduring demand for mass-market housing in Singapore. Fong attributed the success to the project’s competitive pricing and attractive location. The average selling price of $2,160 psf is below the year’s average of $2,275 psf for new non-landed private homes in the OCR, making it appealing to buyers. Two-bedroom units started at $1.28m, whilst three-bedroom units began at $1.57m, both falling within the preferred price range for many households. Notably, all 80 two-bedroom and 199 three-bedroom units were sold.

Faber Residence’s location offers several appealing features, including proximity to the future Jurong Town Hall MRT station and the Jurong Lake District. It is also near educational institutions, enhancing its attractiveness for families. The project’s riverfront setting by Sungei Ulu Pandan and its position within an exclusive landed home enclave further add to its allure.

The limited supply of new private homes in the area, with the last project launched in 2014, likely contributed to the strong demand. The OCR sub-market has shown robust performance this year, with new launches generally experiencing high demand, driven by factors such as accessible pricing and interest from Singaporeans and HDB upgraders.

The newly launched Penrith condominium project in Margaret Drive has achieved remarkable sales success, with 447 out of 462 units sold over the weekend. This represents a 97% take-up rate, according to Kelvin Fong, CEO of PropNex. The project, located in the Rest of Central Region, follows the successful launch of Skye at Holland and is the fifth new project this year to exceed a 90% sales rate during its launch.

The larger units at Penrith have been particularly popular, indicating strong demand from families and owner-occupiers. The absence of one-bedroom units further underscores its family-focused design. Most buyers are Singaporeans, reflecting robust local demand in the primary market.

Penrith’s appeal is bolstered by its proximity to Queenstown MRT station, several schools, and a variety of retail and dining options, including the Margaret Drive Hawker Centre and IKEA Alexandra. The project’s location in Queenstown, which has not seen new condo launches since 2018, has likely contributed to the pent-up demand.

Competitive pricing and the recent easing of interest rates, with the 3-month compounded SORA at 1.4% as of 17 October, have made the project more affordable. Additionally, a rally in the stock market and positive economic growth in Singapore may have increased buyer confidence.

Looking ahead, upcoming projects like Zyon Grand and The Sen are expected to maintain interest in the Rest of Central Region, appealing to HDB upgraders and those seeking a balance of accessibility, location, and value.

GuocoLand’s latest development, Faber Residence, located in the exclusive Faber Walk enclave in Clementi, achieved impressive sales during its launch on 18 October 2025. Out of 399 units, 344 were sold, marking an 86% take-up at an average price of $1,580 (S$2,160) per square foot. Prices began at $936,000 (S$1.28m) for a 646 sq ft two-bedroom unit.

Faber Residence, comprising nine five-storey blocks, saw all 80 two-bedroom and 199 three-bedroom units fully sold. More than half of the larger four- and five-bedroom units were also snapped up. The majority of buyers are Singaporeans and permanent residents, primarily owner-occupiers drawn to the development’s strategic location, riverfront setting, and proximity to schools like Nan Hua Primary School.

Dora Chng, Residential Director at GuocoLand, noted, “Many of our buyers expressed that they appreciate the serenity they can enjoy in an entirely private estate, which is very rare in Clementi.” The development’s connectivity and access to the Ulu Pandan Park Connector were also significant attractions.

The condominium offers excellent transport links, with the Ayer Rajah Expressway and Pan Island Expressway nearby, and several bus routes providing direct services to Marina Centre. Faber Residence is also close to Jurong East and Clementi MRT stations, with future connectivity to the Cross Island Line and Jurong Region Line.

Jointly developed with TID Pte. Ltd. and Hong Leong Holdings Limited, Faber Residence is expected to be completed in 2029.