Industry News

Mapletree Investments has announced its entry into Australia’s student housing sector with the acquisition of a 1,398-square-metre site on Wellington Street, Perth. The site will host a premium 835-bed student housing development, marking the company’s first venture into this market in Australia. The project is set to be completed by 2027, with operations beginning in February 2028.

The development is strategically located near major educational institutions, including Edith Cowan University and Curtin University Law School, and is within walking distance of Perth’s first city-based campus, ECU City Campus, which is scheduled to open in 2026. This prime location is expected to attract a significant number of students, enhancing the demand for student accommodation in the area.

Matt Walker, CEO of Student Housing at Mapletree, highlighted the appeal of Australia’s student housing sector, noting its large student population and limited supply. “Perth remains one of Australia’s most undersupplied central business districts for student accommodation,” he said. The project aligns with Mapletree’s strategy to focus on student housing as a core sector.

The development will feature extensive amenities, including a communal rooftop area, dining and game facilities, green spaces, and leisure options such as a café, gym, music room, and cinema. It aims to achieve a 5 Green Star rating, reflecting its commitment to sustainability.

Mapletree’s expansion into Australia adds to its growing portfolio of student housing assets, which includes properties in the US, UK, Canada, and Germany. The company continues to leverage its real estate capabilities to deliver top-tier assets that appeal to both students and investors.
“`

The Singapore telecommunications sector is witnessing significant consolidation, potentially leading to market price adjustments. Recent mergers and acquisitions are expected to influence the mobile and broadband markets, with mobile network operators maintaining a “high-press” strategy to protect and expand their revenue market share in the short to medium term. RHB has maintained a NEUTRAL sector rating, with Singtel highlighted as the top pick due to its return on invested capital (ROIC) expansion and capital management advantages.

The consolidation trend is seen as a positive development, potentially stabilising the market. However, expectations regarding market price repair vary. Singtel’s strategic positioning in key markets undergoing price adjustments, along with its robust capital management, makes it a standout choice for investors. The company’s focus on ROIC expansion and exposure to markets with pricing opportunities further solidifies its position.

Singtel’s strategic initiatives include a cost-out programme that has already achieved $400m in savings for FY24-25, with a target of $600m by FY26. Additionally, a $2b share buy-back programme over three years is expected to be earnings accretive. The company’s upgraded capital recycling target of $9bn in the mid-term offers further dividend upsides, supported by a strong balance sheet.

As the sector evolves, the impact of these consolidations will be closely monitored, with potential implications for pricing strategies and market dynamics. Singtel’s proactive measures and strategic focus position it well to navigate these changes and capitalise on emerging opportunities.
“`

Luxury watchmaker IWC Schaffhausen has teamed up with GASSAN to unveil an exclusive pop-up store at Singapore Changi Airport. This new venture aims to offer travellers a unique shopping experience, featuring a selection of IWC’s renowned timepieces. The pop-up store is strategically located to attract the airport’s diverse international clientele, providing them with access to IWC’s iconic collections.

The collaboration between IWC Schaffhausen and GASSAN highlights both brands’ commitment to delivering luxury and craftsmanship in travel retail. GASSAN, a family-owned company based in Amsterdam, is a prominent name in luxury retail and diamond cutting, with a strong presence in travel retail, including 11 stores at Schiphol Airport and six at Changi Airport.

The pop-up store will showcase IWC’s celebrated collections, including the Pilot’s Watches, known for their aviation-inspired designs, and the Portugieser, which epitomises elegance and technical sophistication. Other collections featured include the timeless Portofino, the sporty Aquatimer, and the robust Ingenieur, each offering a unique blend of style and functionality.

This initiative not only enhances the shopping experience at Changi Airport but also strengthens GASSAN’s position in the luxury travel retail sector. The pop-up store is expected to attract watch enthusiasts and travellers seeking exclusive timepieces, further cementing IWC Schaffhausen’s reputation as a leader in haute horlogerie.
“`

First Resources has announced a mandatory takeover of Austindo Nusantara Jaya, a move expected to bolster its earnings through strategic synergies and cost consolidation. The acquisition is projected to enhance First Resources’ financial performance, with a 17% upside and a forecasted yield of approximately 6% for the financial year 2025. The company’s stock is currently trading at a price-to-earnings ratio of 7.9x for 2026, which is at the lower end of its peer range of 6-11x.

The acquisition is anticipated to provide a full impact on earnings, leveraging the synergies from the consolidation of costing strategies. This strategic move aligns with First Resources’ ongoing efforts to strengthen its market position and financial stability. The company’s target price remains at SGD2.10, reflecting confidence in the potential growth and profitability post-acquisition.

The analyst report from RHB Group highlights the positive outlook for First Resources, maintaining a “BUY” recommendation. The report underscores the attractiveness of the stock, given its current valuation and the expected benefits from the takeover.

Looking ahead, First Resources’ acquisition of Austindo Nusantara Jaya is poised to significantly impact its market standing, potentially setting a precedent for similar strategic moves within the industry. The consolidation is expected to drive robust earnings and enhance shareholder value, marking a pivotal step in the company’s growth trajectory.
“`

Forbes Asia has released its fifth annual ‘100 to Watch’ list, highlighting promising small companies and startups across the Asia-Pacific region.

This year’s list, sponsored by FedEx, features firms from 16 countries, with India leading with 18 companies, followed by Singapore and Japan with 14 each. The list is available on Forbes’ website and in the September issue of Forbes Asia.

The 2025 edition showcases startups excelling in fields such as biotech, spacetech, and green tech, with many utilising advanced technologies like AI. These companies have collectively raised nearly $3b in funding, underscoring their potential. “Our fifth annual Forbes Asia 100 To Watch list showcases a range of innovative startups,” said Rana Wehbe Watson, Editorial Director at Forbes Asia.

The list categorises companies into ten industry sectors, with biotechnology and healthcare leading with 18 companies, followed by enterprise technology and robotics with 16. The selection process involved online submissions and nominations from accelerators, incubators, and venture capitalists. Criteria included being headquartered in the Asia-Pacific, privately owned, and having no more than $50m in annual revenue or $100m in total funding by 15 August.

Forbes Asia editors evaluated each submission based on industry impact, market fit, business model innovation, revenue growth, and funding ability. The list offers a glimpse into the dynamic startup ecosystem in the region, highlighting companies poised to make significant contributions to their industries.
“`

AsiaNext, a global institution-only digital asset exchange, has announced the appointment of David Martin as CEO of its derivatives business. This strategic move comes as institutions increasingly seek regulated, capital-efficient venues that bridge traditional and digital markets. Martin, who previously served as an executive at FalconX, brings over 17 years of experience in investment management, fintech, and cryptocurrency markets.

Martin’s career highlights include co-founding Blockforce Capital, a crypto hedge fund, and launching the first blockchain ETF. His extensive experience in the crypto industry, particularly in scaling FalconX into a leading global prime broker, positions him well to drive AsiaNext’s growth. David Newns, Head of SDX at SIX Group and AsiaNext Board Member, remarked, “David’s proven experience in leading teams through the crypto industry’s cycles of rapid expansion and volatility makes him exceptionally well placed to guide AsiaNext forward.”

Based in Singapore, Martin will focus on expanding AsiaNext’s derivatives offerings, leveraging the exchange’s robust infrastructure to provide a seamless bridge between traditional and digital finance. “Institutions want more than access to digital assets; they want efficiency, trust, and infrastructure that reflects how they trade,” Martin stated. “AsiaNext has been designed from the outset to meet those needs.”

AsiaNext, backed by SBI Digital Asset Holdings and SIX Group, operates under rigorous corporate governance standards and holds a Recognised Market Operator licence from the Monetary Authority of Singapore. As the digital asset market evolves, AsiaNext aims to provide a comprehensive platform for institutional traders, ensuring a secure and efficient trading environment.
“`

Singapore’s inflation rate continued to decelerate in July, with the Consumer Price Index (CPI) increasing by just 0.6% year-on-year, according to UOB Global Economics and Markets Research. This marks the slowest inflation pace since January 2021, when it was 0.2%. Core inflation, which excludes private road transport and accommodation, rose by 0.5% year-on-year, matching its slowest pace since March this year.

The July headline inflation figure came in below both Bloomberg’s consensus and UOB’s forecast of 0.8%. On a month-on-month basis, headline inflation declined by 0.4%, whilst core inflation edged down by 0.1%.

Several components of the core CPI experienced sharper year-on-year declines, notably in information and communication, which fell by 2.6%, and household durables and services, which decreased by 0.5%. Clothing and footwear resumed its deflationary trend with a 2.3% drop after a brief rebound in June. However, the recreation, sport, and culture sector saw a smaller decline due to improved demand for leisure travel.

Despite a slight increase in private transport prices, headline inflation eased, offset by slower accommodation inflation and a significant reduction in housing maintenance and repair costs. Food inflation saw a slight uptick to 1.1% due to incremental price increases in non-cooked food and food serving services.

UOB maintains its average core inflation forecast for 2025 at 0.6% and 1.1% for 2026, with headline CPI forecasts unchanged at 0.9% for 2025 and 1.6% for 2026, though there is a risk of undershooting the 2025 headline forecast.
“`

Singapore’s Minister for Defence, Chan Chun Sing, visited Singapore Armed Forces (SAF) personnel in Temburong, Brunei, today. Accompanied by Chief of Army Major-General Cai Dexian and other senior officers, Chan engaged with officer cadets undergoing training in the region. He lauded the SAF personnel for their professionalism and dedication, highlighting the unique training opportunities provided by Brunei’s diverse terrain.

The visit underscored the significance of the Jungle Confidence Course, where cadets, with less than six months of experience, are trained to survive independently in the jungle for nine days. Chan remarked, “Hardly any military send their soldiers with less than six months experience to train in the jungle… speaks volumes of the quality of our training and safety system and our confidence in it.”

The relationship between Singapore and Brunei is marked by a longstanding defence partnership. Beyond the jungle training, both nations’ militaries engage in frequent bilateral exercises, professional exchanges, and cross-attendance of courses. These interactions have bolstered the friendship and professional ties between the two armed forces.

The visit not only highlighted the rigorous training SAF personnel undergo but also reinforced the strong defence ties between Singapore and Brunei, which continue to evolve through mutual cooperation and shared experiences.
“`

Thomson Medical Group Limited has announced the acquisition of a S$225m Islamic revolving credit facility from Maybank, marking a significant milestone as the Group’s first Islamic financing venture. This facility, secured under a Murabahah Agreement, includes an option to convert into a sustainability-linked facility within 12 months, contingent on meeting specific sustainability performance targets.

The funds from this facility will be utilised to manage existing financial obligations due in October 2025, as well as support working capital, capital expenditure, business acquisitions, and other corporate purposes. Dr Heng Jun Li Melvin, Executive Director and Group CEO of Thomson Medical Group, highlighted the strategic advantage of this facility, stating, “This facility gives Thomson Medical Group greater flexibility in managing our capital structure whilst positioning us to pursue growth opportunities in line with our strategic priorities.”

Maybank, acting as the sole lender and sustainability structuring adviser, expressed pride in collaborating with Thomson Medical Group. Alvin Lee, Country CEO of Maybank Singapore, noted, “This partnership will advance their sustainability journey and diversify their funding base.”

Thomson Medical Group, a prominent healthcare provider in South-East Asia, operates in Singapore, Malaysia, and Vietnam, offering a wide range of healthcare services. The Group’s commitment to sustainability and growth is further underscored by this new financial arrangement, paving the way for future developments in their healthcare services and infrastructure.
“`

KSH Holdings Limited has announced the successful sale of its 28,900,400 treasury shares, generating net cash proceeds of $8.67m. The shares were sold at S$0.305 each, a 6.44% discount to the previous day’s average price. The placement, managed by Evolve Capital Advisory and Maybank Securities, attracted significant interest from investors including ICH Capital, Ginko-AGT Global Growth Fund, and Lion Global Investors.

The decision to sell the treasury shares was driven by strong demand from both institutional and individual investors, aiming to broaden KSH’s shareholder base and enhance share liquidity. These shares were initially accumulated through KSH’s share buy-back scheme in previous years.

Executive Chairman and Managing Director, Choo Chee Onn, expressed gratitude for the investor confidence, stating, “The interest from institutional funds and individual investors for this Placement demonstrates confidence in KSH’s long-term prospects. We appreciate the unwavering support from our shareholders as we pursue long-term growth.”

KSH Holdings, a prominent construction and property development group in Singapore, has been expanding its business portfolio and geographical presence since its listing on the SGX-ST in 2007. The funds raised from this placement will be allocated towards working capital, supporting the company’s ongoing commitment to enhancing shareholder value and delivering sustainable returns.
“`