Industry News

IREIT Global Group Pte. Ltd., the manager of IREIT Global, has announced that its wholly-owned subsidiaries, which hold the Berlin Campus, have been served with a payment order by DRV, the former main tenant at the site.

The order, filed on 10 September 2025 in the Berlin-Wedding local court, relates to a claim by DRV. The court has yet to examine the merits of this claim.

The subsidiaries have until 10 October 2025 to file an objection to the payment order. Should they do so, the case will proceed to the district court of Berlin, where DRV will be required to submit a formal statement of claims. The manager of IREIT Global maintains that the claim is unlikely to succeed and believes there is a strong chance of successfully defending against it.

The manager is currently seeking legal advice and is committed to defending the interests of IREIT and its subsidiaries. Unitholders and potential investors are advised to exercise caution when dealing with IREIT units and to stay informed through future announcements. They are also encouraged to consult professional advisers if uncertain about their next steps.

Sun Life Singapore has introduced two new Indexed Universal Life (IUL) insurance products—SunBrilliance IUL II and SunBrilliance Indexed Savings—targeting High Net Worth (HNW) and Ultra High Net Worth (UHNW) families. This launch follows the success of its flagship IUL product introduced in 2023, as the company seeks to address the growing demand for legacy planning and wealth accumulation solutions.

The SunBrilliance IUL II offers enhanced benefits, including a higher multiplier factor of 125%, an increased cap rate for the Optimum Indexed Account at 10.80% per annum, and a new guaranteed loyalty bonus from the 11th policy year. Additionally, it features a waiver of fund charges and penalty-free partial policy surrenders. The product also continues to support charitable causes through the Sun Life Singapore Philanthropic Pledge, donating 0.5% of premiums to charity.

The SunBrilliance Indexed Savings plan is designed to facilitate wealth transfer across generations, offering two Indexed Accounts linked to the S&P 500 index. It provides flexible options for inter-generational wealth transfer, a maturity term of 150 years, and bonuses to enhance account value.

Christopher Albrecht, CEO of Sun Life Singapore, stated, “At Sun Life Singapore, we’re not just keeping pace with the market – we’re setting the standard for innovation in insurance.” He emphasised the importance of providing clients with tools to secure their financial futures amidst economic uncertainties.

These new offerings reinforce Sun Life’s position as a leading insurer for affluent clients in Asia, leveraging its expertise to meet sophisticated financial needs.

Singapore is at the forefront of Shadow AI usage, with 26% of business leaders reporting employees using generative AI (GenAI) tools without oversight, according to ABBYY’s latest report.

The 2025 State of Intelligent Automation: GenAI Disillusionment survey highlights the hurdles Singaporean businesses encounter, including high costs, governance issues, and incorrect outputs, often referred to as “hallucinations.”

The survey, conducted by Opinium Research and commissioned by ABBYY, reveals that 40% of Singaporean leaders find training GenAI models more challenging than anticipated. Additionally, 30% cite cost concerns, whilst 28% point to governance gaps. To address these challenges, many businesses are turning to other AI technologies, with 47% using Document AI and 42% employing Process Intelligence.

Maxime Vermeir, Senior Director of AI Strategy at ABBYY, noted, “Businesses are spending money on GenAI tools that promise more than they can provide. In some cases, they don’t even need it.” He emphasised the importance of evaluating current processes before adopting GenAI tools.

The report also highlights that 99% of Singaporean businesses have seen improvements in trust, accuracy, and cost savings when complementing GenAI with process and document AI.

Furthermore, 56% of staff use GenAI to enhance their professional image, whilst 63% find it reduces workload and boosts creativity.

ABBYY’s CEO, Ulf Persson, commented on the potential risks of Shadow AI, stating, “The corporate benefits of GenAI’s potential are truly unlocked when leaders drive secure, strategic adoption with risk management as a priority.”

As Singaporean businesses mature in their approach, 99% plan to increase their GenAI budgets, with 21% expecting a 6-10% rise in funding.

Singapore is poised to spearhead the next wave of economic growth in Asia, according to McKinsey’s global managing partner, Bob Sternfels, and senior partner Gautam Kumra. The city-state’s strategic position and forward-thinking policies have transformed it into a global powerhouse over the past 60 years, with a remarkable average GDP growth of 7% annually. Now, Singapore is set to capitalise on emerging “arenas of competition”—industries marked by significant growth and innovation potential.

These arenas, identified by the McKinsey Global Institute, include artificial intelligence (AI), advanced manufacturing, and the digital economy. AI, once confined to research labs, now drives market capitalisation and enterprise creation. Singapore is already showing promise in these areas, with companies like GlobalFoundries and Micron expanding semiconductor capabilities, and Grab piloting autonomous mobility solutions.

The Asia-Pacific region is expected to generate between $13t and $21t in annual revenue from these arenas by 2040, nearly double that of the US. Singapore’s opportunity lies in leveraging its open economy to bridge geopolitical divides, prioritising advanced manufacturing, and fostering continuous reskilling.

With a declining working-age population, automation and robotics present significant opportunities. Singapore aims to catch up with global leaders like Korea in robot-to-worker density. Reskilling is crucial, as the half-life of skills shortens, necessitating a shift to continuous learning frameworks.

Private capital will play a vital role in this transformation. In 2024, Singapore attracted $5 billion in venture capital, with potential for further growth. By embracing change and leveraging its strengths, Singapore is well-positioned to lead in the global arenas of the future.

MoneyMax Financial Services Ltd. has successfully closed its inaugural offering of Series 001 Notes under its S$200 million unsecured commercial paper programme. The offering, which concluded on 11 September 2025, raised S$72.74 million in gross proceeds.

The Series 001 Notes will be listed on the ADDX Exchange on 12 September 2025.

This offering attracted significant interest from key stakeholders within the company. Notably, Dato’ Sri Dr. Lim Yong Guan, the Executive Chairman and CEO, along with other related parties, collectively subscribed for S$26.56 million, accounting for 36.51% of the total issuance. This group includes Non-Executive Director Lim Yong Sheng, Chief Operating Officer Tan Yang Hong, and several family members of Dato’ Sri Dr. Lim.

The successful closure of this offering marks a significant milestone for MoneyMax Treasure, a subsidiary of MoneyMax Financial Services, as it embarks on its commercial paper programme. The company has indicated that further announcements will be made if there are material developments related to the programme or the issuance of the Series 001 Notes.

This move is expected to enhance MoneyMax’s financial flexibility and support its growth initiatives. The listing on the ADDX Exchange provides a platform for increased visibility and potential investor engagement.
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SHS Holdings Ltd. has announced a strategic transaction involving the sale of its 14.48% stake in Globalfund Capital Pte. Ltd. (GFC) to GFC itself. The agreement, signed on 11 September 2025, includes a share swap where SHS Holdings will receive 8.04 million shares in SED Energy Holdings PLC, known as Seabird, a Cyprus-based energy sector company. This exchange is part of a selective off-market acquisition under Singapore’s Companies Act.

The transaction, classified as a “Disclosable Transaction” under the Singapore Exchange’s Listing Manual, does not require shareholder approval. SHS Holdings will also pay GFC $12,900 (S$17,615.04), representing its share of certain expenses agreed upon by all GFC shareholders.

Globalfund Capital, an investment holding company, will see SHS Holdings divest its entire shareholding post-transaction. Seabird, listed on the Euronext Oslo Børs, operates in the oil and gas industry, providing marine seismic data acquisition and owning drilling rigs.

Completion of the transaction is contingent upon several conditions, including regulatory approvals and shareholder resolutions. SHS Holdings will bear all transaction-related costs, including legal fees capped at $13,200 (S$18,000). This strategic move allows SHS Holdings to realign its investment portfolio whilst gaining exposure to the energy sector through Seabird.

The recent government land sales (GLS) tender for an executive condominium (EC) site at Sembawang Road closed with a top bid of $692 per square foot per plot ratio (psf ppr), according to Knight Frank Singapore. This marks the first time since September 2022 that a land rate for an EC parcel has dipped below S$700 psf ppr. The previous instance was for a site at Bukit Batok Avenue 5.

The site’s distance from Canberra MRT Station and its irregular shape may have contributed to developers’ cautious bidding.

Leonard Tay, Head of Research at Knight Frank Singapore, noted that the successful developer might leverage the lower land cost to launch units at starting prices below S$1,700 psf. This could appeal to price-sensitive homebuyers, especially those familiar with the recent average EC price of S$1,700 psf at Otto Place, Tengah.

The demand for the Sembawang Road site is expected to come from upgraders in nearby HDB towns such as Sembawang, Yishun, and Canberra. These households view ECs as an affordable transition between public and private housing. Additionally, young families and first-time buyers may find the entry prices more attractive compared to other suburban condominiums.

Whilst the lower bid presents an opportunity for competitive pricing, Tay emphasised that final pricing will depend on various factors, including technical, material, and design considerations due to the site’s unique characteristics.

Huttons Asia has provided insights into the recent Government Land Sales (GLS) tender results for sites at Chencharu Close and Sembawang Road. The Chencharu Close mixed-use site attracted three bidders, with the highest bid reaching $980 per square foot per plot ratio (psf ppr).

Mark Yip, CEO of Huttons Asia, highlighted that this site is notable for being the first mixed-use development in the new Chencharu housing area and only the second in the Yishun planning area to integrate a bus interchange, with Khatib MRT station just a five-minute walk away.

Huttons noted that mixed-use developments are scarce, with only eight out of 47 GLS sites sold in the past five years falling into this category. Such projects are popular due to their convenience and rental potential, as evidenced by the recent success of Parktown Residence, which sold over 87% of its units during its launch weekend. The low number of unsold units in the Outside Central Region (OCR) and potential demand from over 8,000 Build-To-Order (BTO) flat owners fulfilling their Minimum Occupation Period (MOP) from 2023 make this site attractive to developers, despite the high cost exceeding $1 billion.

The Sembawang Road Executive Condominium (EC) site received four bids, with the top bid at $692 psf ppr. This site is the first EC in the Sembawang/Canberra area since 2019 and is strategically located near Canberra MRT station and various amenities. The developer aims to offer a competitively priced project appealing to HDB upgraders.

Huttons noted that the site’s proximity to a waterway and its position as the first low-rise EC in Singapore further enhance its appeal. The upcoming transformation of the former Sembawang Shipyard in the 2030s is expected to benefit the development.
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The Housing and Development Board has closed tenders for two significant land sites, with OrangeTee-Realion providing insights into the outcomes. The Chencharu Close site, part of the H2 2024 Government Land Sales (GLS) programme, received three bids, with the highest from Evia MCS Pte. Ltd., Gamuda (Singapore) Pte. Ltd., and H108 Pte. Ltd. at $1.013b, or approximately $980 per square foot per plot ratio (psf ppr). This bid was 19.8% higher than the next highest offer from Phoenix Property 1 Pte. Ltd. and Phoenix Property 2 Pte. Ltd., which stood at S$845 million or about $818 psf ppr.

The Chencharu Close site is notable for its potential to yield around 875 residential units and 13,000 square metres of commercial space. The location is set to become a vibrant hub with a hawker centre, bus interchange, and retail amenities, enhancing its appeal. Its proximity to Khatib MRT and recreational facilities like HomeTeamNS Khatib and Peiying Primary School adds to its attractiveness.

Justin Quek, CEO of OrangeTee, noted the limited supply of private homes in Yishun, suggesting pent-up demand for new units.

Meanwhile, the Sembawang Road executive condominium (EC) site, part of the H1 2025 GLS programme, attracted four bids. The top bid came from Oriental Pacific Development Pte. Ltd. at $197.78m, or roughly $692 psf ppr, which was 4% higher than the next bid from TID Residential Pte. Ltd.

This site is strategically located near Canberra MRT and Canberra Plaza, making it ideal for families.

OrangeTee noted that the last EC land parcel in Sembawang was sold in 2019, and with no new EC launches since, there is a scarcity of EC supply in the area. The expected demand from HDB upgraders, coupled with the popularity of recent EC projects, underscores the site’s potential.

The tender for the mixed-use site at Chencharu Close, which closed on 11 September, received only three bids despite recent strong take-up at new launches and better-than-expected economic performance.

Tricia Song, CBRE Head of Research, Southeast Asia, noted that the top bid exceeded expectations, highlighting mixed sentiments among developers.

The site, located within the Yishun HDB Township, is set to integrate a hawker centre and bus interchange, making it the second-largest mixed-use project in the North after North Park Residences and Northpoint City.

The top bid of $1.013 billion, or $980 per square foot per plot ratio (psf ppr), was submitted by a consortium of Evia Real Estate, Gamuda Berhad, and Ho Lee Group. This bid was nearly 20% higher than the second-highest bid and 46% above the third, indicating varied interest levels.  CBRE noted that the site’s large size and complexity might have deterred some developers due to higher developmental risks.

In comparison, a similar mixed-use site at Tampines Avenue 11 was awarded for $885 psf ppr in July 2023, when market sentiment was weaker. The Tampines site, launched as Parktown Residence in February 2025, saw robust sales, moving 87% of its units at an average price of $2,360 psf over its launch weekend.

The Chencharu Close project, benefiting from its proximity to Khatib MRT and local amenities, could see strong demand from potential upgraders in nearby Yishun HDB estates. The future project is expected to launch at an average price of $2,450-2,550 psf.