Industry News

The Urban Redevelopment Authority (URA) has announced the tender for a residential site on Bukit Timah Road, adjacent to Newton MRT station. This marks the first sale under the Confirmed List of the government land sales programme for the second half of 2025. The site is expected to yield approximately 340 private homes, contributing to the proposed 5,000 new homes in the Newton area under the URA Draft Master Plan 2025.

Located in the Core Central Region (CCR), the site is anticipated to attract significant interest from developers. Wong Siew Ying, Head of Research and Content at PropNex, noted that the recent rebound in CCR new home sales could bolster developers’ confidence. “The recent rebound in CCR new home sales could also boost developers’ confidence in this sub-market,” she stated, highlighting the impact of the April 2023 hike in additional buyer’s stamp duty rates.

Recent CCR launches, such as The Robertson Opus and UpperHouse at Orchard Boulevard, have collectively sold over 800 units since their launch weekends in July and August. The CCR has seen sales of more than 850 units from July to mid-August 2025, indicating a potential record quarter for new home sales in the region since Q4 2010.

The narrowing price gap between new CCR and RCR units has enhanced the appeal of CCR properties. Additionally, the lack of major launches in the area since 2021 could further entice developers. The site’s proximity to Newton MRT, Orchard Road, and prestigious schools adds to its attractiveness. PropNex projects the tender could receive 8 to 9 bids, with top offers ranging from $1,500 to $1,600 per square foot per plot ratio.
“`

Singapore’s manufacturing sector experienced a robust increase in output, rising by 8.2% on a seasonally adjusted month-on-month basis in July 2025. This growth highlights the sector’s resilience and potential recovery amidst global economic challenges.

“`

2C2P Pte Ltd, a leading payments platform in Southeast Asia, has been granted a Major Payment Institution licence by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. This development allows 2C2P to expand its payment services, including domestic and cross-border money transfers and merchant acquisition services, to businesses in Singapore and the broader Southeast Asian region.

The licence comes at a time when Singapore’s financial institutions are under increased regulatory scrutiny. Agnes Chua, Country Manager of 2C2P Singapore, remarked, “This marks a significant milestone for 2C2P and we look forward to expanding our services and advancing access to meet the ever-changing needs of our local merchants in Singapore and across Southeast Asia.”

Founded in 2003, 2C2P has been a pioneer in the region’s payments sector. Since 2022, it has been part of Ant International’s Antom, a global leader in merchant payment and digitisation services. Chua added, “We are excited to build upon our existing payment offerings to provide a more comprehensive payments coverage for our merchants in Singapore and across Southeast Asia, through partnering with Antom as well as local and regional financial institutions.”

In March 2025, 2C2P launched its annual whitepaper on the Southeast Asia digital payments landscape, further solidifying its expertise in the industry. The new licence is expected to enhance 2C2P’s ability to provide a seamless payment experience for businesses of all sizes in the region.
“`

UltraLuxe, Asia’s premier festival for niche luxury, is set to return for its fourth edition from 2 to 12 October 2025 at Tent@Ngee Ann City on Orchard Road, Singapore. This year’s event, themed “UltraLuxe Race to Discover Iconic SG60 and Niche Luxury from Around the World,” coincides with Singapore’s 60th year of independence and the Grand Prix Season Singapore, promising a convergence of local visionaries and international talents.

The festival kicks off with VerveArté from 2 to 4 October, an immersive showcase spanning jewellery, fashion, art, wellness, beauty, gastronomy, and lifestyle. Following this, JeweLuxe from 6 to 12 October will transform the venue into a glittering exploratorium, featuring creations from both local and international independent jewellery designers.

UltraLuxe 2025 expands beyond its traditional tent setting, offering islandwide experiences. Attendees can indulge in wellness treatments, savour gastronomic delights, and explore culturally rich fashion and jewellery designs. Angela Loh, founder of UltraLuxe, stated, “We’re rethinking the traditional luxury showcase — moving beyond static displays to create immersive journeys and experiences.”

Supported by the Singapore Tourism Board, UltraLuxe aims to enhance Singapore’s luxury landscape, showcasing local and international brands. Guo Teyi, Director of Leisure Events at the Singapore Tourism Board, remarked, “This festival exemplifies Singapore’s commitment to creating distinctive experiences for increasingly discerning visitors.”

As UltraLuxe 2025 unfolds, it promises to be a landmark event, enriching Singapore’s diverse retail and lifestyle offerings whilst celebrating the nation’s milestone anniversary.
“`

Porsche Asia Pacific has launched its latest venture, Porsche at Jewel, a lifestyle-led brand space at Jewel Changi Airport. This innovative store aims to merge Porsche’s automotive heritage with global culinary delights, offering visitors a unique experience. Situated near Changi Airport Terminal 1, the space is designed to captivate both international travellers and local adventurers.

The new store features four distinct zones: Café Carrera by Baker & Cook, the Culture Garage, a Porsche Lifestyle store, and a forthcoming reception area for the Porsche Experience Centre Singapore. Hannes Ruoff, CEO of Porsche Asia Pacific, highlighted the store’s role in sparking curiosity and deepening connections with the region. “Porsche at Jewel is a continuation of this pioneering spirit,” he stated.

Café Carrera offers a culinary journey with sandwiches inspired by iconic driving routes, whilst the Culture Garage showcases automotive culture and history. The Porsche Lifestyle store presents a curated selection of apparel and accessories, including a collaboration with Singaporean artist Tiffany Lovage.

The store also serves as a strategic hospitality gateway, connecting visitors to the upcoming Porsche Experience Centre Singapore. Open daily from 10:00 a.m. to 10:00 p.m., Porsche at Jewel promises to be more than just a retail destination, inviting everyone to explore the world of Porsche.
“`

The Bukit Timah Road Government Land Sales (GLS) site, located adjacent to the Newton MRT interchange, is expected to draw significant interest from developers, according to Mark Yip, CEO of Huttons Asia. The site, part of transitional office spaces returned to the government, benefits from its proximity to key transport links and educational institutions, including ACS (Junior) and SJI (Junior), both within 1km.

Recent launches in the Core Central Region (CCR) have demonstrated strong demand, with 765 out of 1,173 units (65.2%) sold during launch. This trend suggests a robust underlying demand for prime CCR homes, a factor that could influence developer interest in the Bukit Timah site. The site’s location near an MRT station mirrors the appeal of recent successful CCR launches.

Developers have shown increased interest in CCR sites, evidenced by firm bids in recent GLS tenders at Dunearn Road and Holland Link. Yip predicts the Bukit Timah Road site could attract up to five bidders, with top bids ranging between $1,300 and $1,400 per square foot per plot ratio (psf ppr).

The anticipated competition for the Bukit Timah Road site underscores the ongoing demand for prime residential locations in Singapore, particularly those with convenient transport links and proximity to amenities. The outcome of the bidding process will be closely watched as an indicator of market sentiment and developer confidence in the CCR.
“`

The Singapore Business Federation (SBF) convened the 9th Singapore Regional Business Forum (SRBF) in Bangkok on 19 August 2025, marking a significant milestone with the signing of the Singapore-Thailand Implementation Agreement on Carbon Credits Collaboration. This agreement, signed by Singapore’s Minister for Manpower and Minister-in-charge of Energy and Science & Technology, Tan See Leng, and Thailand’s Minister of Natural Resources and Environment, Chalermchai Sri-on, represents a pivotal step in operationalising carbon market mechanisms in the region.

The Forum, celebrating 60 years of diplomatic relations between Singapore and Thailand, attracted over 450 participants from 25 economies, including senior policymakers, business leaders, and investors. The event focused on themes such as green transformation, digital trade, and sustainable finance, crucial for fostering long-term business resilience in ASEAN.

Keynote speakers, including Thailand’s Deputy Prime Minister and Minister of Finance, Pichai Chunhavajira, highlighted the importance of adaptive policy frameworks and cross-border innovation. Additionally, a Memorandum of Understanding (MOU) was signed between SBF and the Thailand Board of Investment to boost trade and bilateral cooperation.

SBF Chairman S. S. Teo emphasised the need for collective leadership to navigate global economic shifts, reaffirming SBF’s commitment to regional cooperation. The Forum also featured breakout sessions on green financing and digital trade, spotlighting Thailand’s role as a leader in the green economy.

The event was supported by partners such as Bangkok Bank, Kerry Flour Mills, and Frasers Property, underscoring the Forum’s role in promoting regional integration and future-proofing the business landscape.
“`

Fullerton Health, a prominent healthcare solutions provider in the Asia-Pacific region, has announced that Mitsubishi Corporation has acquired a strategic minority stake in the company. This investment is set to enhance Fullerton Health’s focus on regional growth and accelerate its vision for integrated, digitally enabled healthcare services.

The investment from Mitsubishi Corporation concludes a series of minority investments, including one from Far East Drug. It will support Fullerton Health’s expansion in its key markets—Singapore, Indonesia, and the Philippines—whilst facilitating entry into new markets across the region. The company plans to leverage its extensive network and digital capabilities to deliver comprehensive healthcare solutions.

Ho Kuen Loon, Group CEO and Non-executive Director of Fullerton Health, stated, “This partnership reflects strong alignment between Mitsubishi Corporation and our existing shareholders on the long-term value and industry leadership potential of Fullerton Health. With a shared commitment to impact and innovation, we are well positioned to achieve our aim to positively impact 10 million lives in coming years.”

BofA Securities served as the sole financial adviser for this transaction. Established in 2010, Fullerton Health operates nearly 500 clinics and collaborates with over 18,000 providers across the Asia-Pacific region, offering a wide range of healthcare services from primary care to diagnostics and speciality services.

This strategic investment by Mitsubishi Corporation is expected to strengthen Fullerton Health’s market leadership and enhance its ability to deliver value to stakeholders, aligning with its mission of providing seamless, accessible, and trusted healthcare.
“`

Standard Chartered and Ant International have announced a collaboration to launch an AI-powered Treasury and FX Management Solution. This innovative solution integrates Ant International’s Falcon Time-Series Transformer (TST) Model with Standard Chartered’s Aggregated Liquidity Engine (SCALE) to improve foreign exchange (FX) cost effectiveness and risk management for Ant’s clients.

The partnership, which builds on the companies’ previous blockchain collaborations, aims to lower FX costs and enhance risk management. The integration of Falcon TST and SCALE allows for real-time, 24/7 AI-powered FX forecasting, enabling seamless data exchange and improved accuracy in predicting FX exposures.

Madhu Menon, Global Head of SC PrismFX Sales at Standard Chartered, stated, “We continue to invest in our platforms and adopt cutting-edge technology to support our clients in effectively managing their risks and exposures, especially during these volatile times.” Kelvin Li, General Manager of Platform Tech at Ant International, added that the partnership enhances businesses’ global liquidity and FX strategy, leading to more efficient cross-border transactions.

The Falcon TST Model, a big data model with nearly 2 billion parameters, uses AI to predict future data points, improving cashflow and FX exposure forecasts. It currently processes over 60% of Ant International’s FX transactions, reducing FX costs by up to 60% and liquidity management costs by up to 50%.

As cross-border transactions grow, Standard Chartered and Ant International are committed to developing innovative solutions to facilitate seamless and secure international business operations.
“`

Atome Financial, part of the Singapore-headquartered Advance Intelligence Group, has announced record audited results for the year ending 31 December 2024, marking significant growth and profitability. The company reported a 63% year-on-year increase in operating income, reaching $236 million, and achieved full-year profitability. This success is attributed to disciplined execution, operational efficiency, and scalable growth in a challenging macroeconomic environment.

The platform, which includes Atome’s Buy Now Pay Later (BNPL) service, Atome Card, and Kredit Pintar, processed over $2 billion in Gross Merchandise Volume (GMV) in 2024, a 50% increase from the previous year. By the end of Q2 2025, annualised net revenue exceeded $500 million, driven by GMV crossing $4 billion.

Key performance drivers include product diversification, with expanded offerings in insurance, savings, cards, and lending. In the Philippines, the adoption of the Atome PayLater Anywhere Card accelerated, with over 15 million cards issued by June 2025. Operational excellence was enhanced through streamlined processes and the rapid deployment of Generative AI for customer service and credit underwriting. Robust capital support was secured from global and regional partners, including BlackRock, EvolutionX, and HSBC.

CEO Jefferson Chen stated, “Atome Financial’s record performance in 2024 and 1H2025 reaffirms the strength of our wallet platform and our ability to grow sustainably whilst delivering real value to consumers and partners.”

Atome Financial is backed by investors such as SoftBank Vision Fund 2 and Warburg Pincus. The company’s achievements position it well for future growth and financial inclusion in Southeast Asia.
“`