Industry News

Jardine Cycle & Carriage Limited (JC&C) has announced a significant move to bolster its mineral business through the acquisition of shares in PT Arafura Surya Alam (ASA) by its indirect subsidiaries, PT Danusa Tambang Nusantara (DTN) and PT Energia Prima Nusantara (EPN). The acquisition, valued at US$540 million, involves purchasing nearly all shares of ASA and a minority stake in PT Mulia Bumi Persada (MBP).

DTN and EPN, both wholly-owned subsidiaries of PT United Tractors Tbk (UT), will acquire 99.99996% and 0.00004% of ASA’s shares respectively. ASA, a non-operating company in Indonesia, holds a Mining Business Licence for the Doup Block, a site with significant gold reserves. The acquisition aims to expand UT’s mineral sector presence, with production anticipated to begin around 2028.

The transaction is contingent upon several conditions, including creditor and regulatory approvals, and is expected to be completed by 23 December 2025. The acquisition will not materially impact JC&C’s earnings per share or net tangible assets per share for the financial year 2024.

This strategic acquisition underscores JC&C’s commitment to expanding its footprint in the mineral sector, leveraging ASA’s gold reserves to enhance its portfolio.

Several Singapore stocks have demonstrated improved liquidity since June, with more than 30 stocks increasing their 2025 year-to-date (YTD) Average Daily Turnover (ADT) to above S$100,000, up from below S$100,000 in the first half of 2025. This improvement is reflected in higher ADT and narrower bid-ask spreads, alongside valuation accretion through rising Price-to-Book (P/B) ratios.

Among these, Sanli Env’s YTD ADT surged from S$17,000 as of 30 June to S$488,000 by 12 September, with its P/B ratio increasing from 1.0x to 2.4x. Sunpower also saw its bid-ask spread narrow significantly, from 701 basis points (bps) in late June to 113 bps last week.

Seven stocks, including PropNex and Samudera Shipping Line, have seen their YTD ADT rise to over S$1 million since June. PropNex reported a 122% year-on-year increase in attributable profit for the first half of the financial year 2025, whilst Samudera Shipping Line reported a 100% increase.

Additionally, Oiltek International, which transferred from Catalist to the Mainboard on 6 June, reported a 37.1% year-on-year growth in attributable profit for the first half of the financial year 2025. The company also secured RM74.3 million in new contracts from Malaysia, Indonesia, and Pakistan.

Overall, these developments highlight a significant shift in market dynamics, with increased investor interest and improved trading conditions for several stocks on the Singapore Exchange. As these trends continue, they may influence future market performance and investor strategies.

Singapore’s new home sales in August 2025 reached unprecedented levels, marking the highest monthly record for the year. According to CBRE, developers launched 2,496 new units, a 49% increase from July, with 2,142 units sold—up 127.9% month-on-month. This surge is attributed to a flurry of new launches ahead of the Seventh Lunar Month, which began on 23 August.

The top-performing project was Springleaf Residence, which sold 884 units at a median price of $2,166 per square foot (psf), achieving a 94% sell-through rate. River Green followed, selling 451 units at $3,111 psf, making it the best-selling project in the Core Central Region (CCR) in a decade. Promenade Peak and Canberra Crescent Residences also saw strong sales, with 333 and 211 units sold, respectively.

Tricia Song, Head of Research for Singapore and Southeast Asia at CBRE, noted that the strong buying sentiment is supported by low interest rates and a positive economic outlook, with the Ministry of Trade and Industry upgrading the 2025 GDP growth forecast to 1.5-2.5%.

Looking forward, sales are expected to slow in September due to the Lunar Seventh Month. However, several anticipated launches, including Zyon Grand and Penrith, could sustain momentum. CBRE forecasts that new home sales for 2025 could reach 8,000-9,000 units, surpassing previous estimates. Private home prices, which rose 1.8% in the first half of 2025, are expected to continue their upward trend, with a full-year increase of 3-4% anticipated.

In a recent joint advisory, the Ministry of Manpower (MOM) and the Visual, Interactive and Creative Professionals Association (VICPA) have announced that companies in Singapore are prohibited from engaging foreign freelancers to provide services to clients within the country. This move aims to regulate the local freelance market and ensure compliance with existing employment laws.

The advisory emphasises that companies must adhere to the Employment of Foreign Manpower Act, which mandates that only individuals with valid work passes are allowed to work in Singapore.

The decision comes amidst growing concerns over the impact of foreign freelancers on the local job market. By enforcing this rule, the government seeks to prioritise employment opportunities for Singaporean residents and ensure that companies comply with local labour regulations.

The advisory further clarifies that companies found violating this rule may face penalties, including fines and restrictions on hiring foreign workers in the future. This measure underscores the government’s commitment to safeguarding the interests of the local workforce.

As the freelance economy continues to evolve, this advisory serves as a reminder for companies to review their hiring practices and ensure they align with Singapore’s employment laws. The MOM and VICPA will continue to monitor the situation and provide further guidance as necessary.

Citi has announced the appointment of Lee Lung Nien as Citi Country Officer and Banking Head for Singapore, marking a significant milestone as he becomes the first Singaporean to hold this position in half a century. Lung succeeds Tibor Pandi, who has been with the firm for eight years, contributing significantly in Thailand and Singapore since 2017.

Lung will oversee all Citi operations in Singapore, focusing on franchise performance, client and regulatory relationships, and maintaining a robust risk and control environment. He will report to Amol Gupte, Citi’s Head of Asia South, and join the Asia South Management team on 6 October.

Amol Gupte praised Lung’s appointment, stating, “A product of Citi’s global talent programme, Lung brings a wealth of multi-market experience and proven leadership, positioning him ideally to lead the Singapore franchise.”

With a 35-year tenure at Citi, Lung has held various leadership roles, including Chairman of Citi Private Bank for South Asia and CEO of Citibank Berhad in Malaysia. His career spans multiple senior positions in anti-money laundering, operations, corporate sales and structuring, and markets across Asia, with international experience in London, New York, and Malaysia.

This appointment is expected to further advance Citi’s presence in Singapore, leveraging Lung’s extensive client knowledge and interpersonal skills. As Citi continues to expand its global footprint, Lung’s leadership is anticipated to play a crucial role in strengthening the bank’s operations in the region.

EcoNavis Solutions, a Glasgow-based maritime technology firm, has partnered with Singapore’s ShipDyn to introduce a groundbreaking hull design known as the Y-Hull. This innovative form combines the stability and deck space of a catamaran with the efficiency of a monohull, aiming to revolutionise maritime fuel efficiency and safety.

The Y-Hull features twin forward demihulls that merge into a single monohull aft, allowing the vessel to operate with one engine and propeller. This design not only enhances stability and reduces wake impact but also significantly cuts fuel consumption. A prototype ferry operating in Bangladesh has already reported a 25% reduction in fuel use compared to traditional monohulls.

ShipDyn founder Amitavo Wye, inspired by a real-life safety incident, developed the Y-Hull to improve vessel stability and reduce coastal erosion. “The Y-Hull delivers much more: fuel savings, more environmental benefits, and more comfortable seakeeping,” Wye stated.

EcoNavis CEO Batuhan Aktas highlighted the Y-Hull’s potential for offshore wind crew transfer vessels, which are fuel-intensive. The partnership is refining the design through simulations and tests, with plans to commercialise the technology. They have applied for funding from the UK Government’s Transport Research and Innovation Grant to expedite market entry.

Beyond renewable energy, the Y-Hull could benefit leisure marine, passenger, and commercial sectors, particularly in sensitive waterways. Larger ships like tankers could see significant emissions reductions, with estimates of saving 4,500 tonnes of CO₂ annually for a 240-metre tanker. The design also offers retrofitting potential, allowing existing vessels to gain efficiency without a full rebuild.

Allianz Global Investors (AllianzGI) has announced the appointment of Mark Tay as Chief Investment Officer (CIO) Fixed Income for the Asia Pacific region, effective 1 October 2025. Tay, who has been with AllianzGI since 2012, will take over from Jenny Zeng, who will transition to the role of CIO Fixed Income on the same date.

Based in Singapore, Tay has been pivotal in advancing AllianzGI’s Asian credit strategies and managing fixed income mandates. His extensive 28-year career includes senior roles at HSBC Private Bank and AXA Investment Managers, as well as experience in equity portfolio management and corporate banking at DBS.

Tay’s appointment is expected to strengthen AllianzGI’s fixed income capabilities in the region, fostering collaboration and delivering robust investment performance for clients. As the company continues to expand its influence in the Asia Pacific market, Tay’s leadership will be crucial in navigating the evolving financial landscape.

Penta, a global leader in stakeholder solutions, has appointed former UK Foreign Secretary and Chancellor of the Exchequer, Philip Hammond, to its Global Advisory Board. Hammond, who joined on 1 August 2025, brings extensive governmental experience to the firm, which aims to redefine reputation management through data-driven strategies.

Hammond’s political career spanned over two decades, serving as a Conservative Member of Parliament and holding key positions such as Secretary of State for Transport, Defence, and Foreign Affairs. As Chancellor, he managed the UK economy during the post-Brexit period, achieving record employment levels and stabilising public finances.

At Penta, Hammond will provide strategic guidance to clients facing commercial challenges and support the firm’s leadership in its growth ambitions. Matt McDonald, CEO of Penta, stated, “This appointment is a true validation of Penta’s proposition: to serve the world’s most consequential organisations as best-in-class strategic advisers.”

The appointment follows an investment from Shamrock Capital, enabling Penta to enhance its data, analytics, and AI capabilities. This move is expected to strengthen Penta’s offerings for enterprises navigating complex stakeholder relations in a rapidly changing environment.

New home sales in Singapore more than doubled in August 2025, marking the highest monthly sales recorded for the year and the strongest August since 2007. According to the Urban Redevelopment Authority (URA), sales excluding Executive Condominiums (ECs) soared by 127.9% from 940 units in July to 2,142 units in August. Including ECs, sales increased by 78.3% to 2,338 units.

The surge was largely attributed to five new project launches, including the 941-unit Springleaf Residence and the 524-unit River Green. Springleaf Residence emerged as the best-selling project, with 93.9% of its units sold, driven by its attractive pricing and proximity to the Springleaf MRT station. River Green also performed well, selling 86.1% of its units, appealing to buyers with its competitive pricing and location near Orchard Road.

The market saw a significant distribution of sales across different regions, with 53.8% of transactions occurring in the suburbs or Outside Central Region (OCR), 23.9% in the prime Core Central Region (CCR), and 22.2% in the city fringe or Rest of Central Region (RCR).

In the luxury market, 22 non-landed homes priced between $3.65 million (S$5 million) and $7.3 million (S$10 million) were sold, although this was slightly lower than the 28 units sold in July. Demand for ultra-luxury condos remained steady, with two units from 21 Anderson transacted at $38.2 million (S$52.3 million) and $15.4 million (S$21.1 million).

Looking ahead, more housing options are expected post-lunar seventh month, with several medium to large-sized developments slated for launch. The stabilisation of US tariffs and anticipated drops in interest rates may further encourage hesitant buyers to enter the market.

ST Engineering has officially opened a new engine maintenance, repair, and overhaul (MRO) facility in Paya Lebar, Singapore, marking a significant expansion of its Commercial Aerospace business. This multimillion-dollar facility is set to double the company’s capacity for CFM56 and LEAP engine maintenance to over 300 engines annually by 2027. Combined with its Xiamen, China facility, the total capacity will exceed 400 engine shop visits per year.

The expansion not only aims to meet the growing demand for engine maintenance but also to create over 300 high-value jobs in Singapore. The facility will leverage advanced technologies, including AI-enabled hardware sorters and automated cleaning systems, to enhance operational efficiency.

Jeffrey Lam, President of Commercial Aerospace at ST Engineering, stated, “This expansion reflects our commitment to staying ahead of industry demand and delivering the highest standards in engine MRO.”

In addition to increasing capacity, ST Engineering is broadening its services to include performance restoration and full overhaul shop visits for LEAP-1A and LEAP-1B engines. This move is expected to better serve the needs of airlines as they expand and renew their fleets.