Industry News

Artificial intelligence (AI) continues to evoke mixed feelings among Singapore’s workforce, with the latest ADP Research’s People at Work 2025 report highlighting significant uncertainty. Nearly one-fifth (19%) of workers in Singapore remain unsure about AI’s impact on their jobs in the coming year. Whilst 16% anticipate positive changes, 11% fear job replacement. The uncertainty is most pronounced among knowledge workers, such as academics and programmers, with 26% feeling unsure—nearly three times more than those in repetitive roles.

Yvonne Teo, Vice President of HR, APAC, ADP, emphasised the need for clear communication and upskilling. “AI is reshaping how Singapore’s workforce sees the future,” she said. “It is important for employers to clearly communicate AI strategies, invest in upskilling, and foster employees with the right mindsets.”

Globally, the report reveals a complex emotional landscape regarding AI. Whilst 17% of workers strongly agree that AI will positively influence their jobs, 33% agree, and only 10% strongly fear replacement. Interestingly, 27% of those optimistic about AI also harbour fears of job loss, indicating a duality of hope and concern.

The report also highlights regional differences, with the Middle East/Africa showing the highest optimism (27%) and Japan and Sweden the lowest (4% and 6%, respectively). Younger workers, aged 18-26, are more likely to express both optimism and concern about AI’s long-term effects compared to their older counterparts.

The People at Work 2025 report, based on data from nearly 38,000 workers across 34 markets, provides a detailed view of global workforce sentiments, offering insights for employers to navigate AI’s integration effectively.
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Parkway Life REIT, one of Asia’s largest healthcare real estate investment trusts, has reported a robust performance for the first half of 2025, driven by strategic acquisitions and geographical diversification. The trust completed the acquisition of 11 freehold nursing homes in France in December 2024, contributing 7.8% to the group’s net property income (NPI) in the first half of 2025. This expansion marks a significant milestone as Parkway Life REIT diversifies its income base beyond Japan.

The acquisition, valued at EUR 111.2m (S$159.9m), was part of a strategic move to enter the European market. The properties, operated by DomusVi under 12-year leases, offer a net property income yield of 6.5%. This strategic expansion has been complemented by the Inland Revenue Authority of Singapore’s approval for tax exemptions on foreign-sourced dividends and interest income from seven of the 11 French nursing homes, resulting in estimated annual tax savings of S$1.26m.

Parkway Life REIT’s core portfolio remains anchored in Singapore, with three hospital properties under long-term master leases. These assets, with a weighted average lease expiry (WALE) of 20.4 years, continue to provide stable and predictable performance. The trust is also exploring asset enhancement initiatives for Gleneagles Hospital, expected to be finalised by the first half of 2026.

The trust’s financial stability is further supported by a high interest coverage ratio of 9.1 times and a stable average cost of debt at 1.5% in the second quarter of 2025. With 97% of its interest rate exposure hedged, Parkway Life REIT maintains a resilient balance sheet, ensuring continued growth and stability.
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Singapore-based Global Esports Federation (GEF) has announced that Los Angeles will host the 2026 Global Esports World Finals, marking a significant partnership with the Los Angeles Times Media Group. Scheduled to open on 4 December 2026, the event will take place in a new state-of-the-art esports stadium in El Segundo, highlighting Los Angeles’ status as a global hub for sport and entertainment.

Selected through a competitive process involving cities worldwide, Los Angeles was chosen by the GEF Board, with the formal agreement signed at the Los Angeles Times headquarters. The announcement was attended by Los Angeles Mayor Karen Bass and El Segundo Mayor Chris Pimentel. Paul J. Foster, President and CEO of the GEF, emphasised Los Angeles’ symbolic role as a centre of sport and culture, stating, “As the United States prepares to celebrate 250 years since its founding, our global community from 180 Member Federations is excited to join in these historic celebrations.”

Dr. Patrick Soon-Shiong, Executive Chairman and CEO of the Los Angeles Times Media Group, expressed enthusiasm for the event, noting, “Esports adds to that momentum, bringing its global energy and uniting gaming, sport, and a new wave of entertainment.”

This announcement marks the beginning of a strategic collaboration, with plans for the new esports stadium at the Los Angeles Times’ El Segundo campus. The GEF, headquartered in Singapore, continues to champion the credibility and prestige of esports, uniting athletes and organisations worldwide.
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The Institute of Singapore Chartered Accountants (ISCA) celebrated the 10th anniversary of its charity initiative, ISCA Cares, at its Annual Dinner on 19 August. The event featured the launch of a commemorative book series titled “Making it Count,” unveiled by Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and National Development. The series highlights the life stories of eight Distinguished Lifetime Members who have significantly contributed to the accountancy profession, business community, and public service.

The dinner also recognised exemplary leaders in the accountancy field. Dr Ernest Kan, a former ISCA President, was awarded the Distinguished Lifetime Membership for his substantial contributions. “I am honoured to receive the ISCA Distinguished Lifetime Membership,” Dr Kan stated. “The profession has given me so much, and it has been a privilege to contribute to its reform agenda and developments.”

Max Loh, the outgoing Chairman of ISCA Cares, received the ISCA Special Appreciation Award for his dedication to the profession and community. “Purpose, Passion, Perseverance, and Positivity are what is required to continually uplift the accountancy profession,” Loh remarked. He officially handed over the Chairmanship to Professor Ang Hak Seng during the event.

ISCA, established in 1963, is Singapore’s national accountancy body with over 40,000 members globally. It plays a pivotal role in advancing the accountancy profession, offering the Singapore Chartered Accountant Qualification programme and conferring the Chartered Accountant of Singapore designation.
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The Institute of Singapore Chartered Accountants (ISCA) has unveiled a $2m Career Support Programme designed to assist job seekers and mid-career individuals in transitioning into the accountancy profession. Announced at ISCA’s Annual Dinner by Indranee Rajah, Minister in the Prime Minister’s Office, the initiative responds to the increasing demand for accountancy professionals as Singapore shifts towards a digital and sustainable economy.

Developed in collaboration with the Employment and Employability Institute (e2i) and Workforce Singapore (WSG), the programme offers a range of support including professional affiliation, recognition, and learning opportunities. Eligible jobseekers will benefit from ISCA membership fee waivers and access to structured pathways for professional designations. Additionally, the programme provides complimentary networking events and e-learning through ISCAccountify, alongside a “Skills First, Pay Later” scheme.

A key feature of the programme is the AI-enabled ISCA Talent Marketplace, which connects job seekers with employers and offers personalised skills gap analyses. Since its soft launch in July, the platform has hosted over 100 job postings from 28 employers and facilitated the creation of more than 150 job profiles by job seekers.

Dilys Boey, Chief Executive of WSG, highlighted the programme’s potential to enhance employment outcomes and make accountancy more accessible. “The synergy between WSG’s career advisory services and ISCA’s AI-enabled Talent Marketplace creates more opportunities for Singaporeans to join the sector at any career stage,” she said.

The initiative also prepares professionals for the impact of AI on jobs, with ISCA committing $2m to its “AI for Accountancy Industry” initiative. ISCA President Teo Ser Luck emphasised the importance of adapting to technological changes, stating, “AI will fundamentally reshape the accountancy sector and fuel demand for accountants with new skills.”

The programme aims to support individuals in finding their footing in the evolving job market, ensuring they remain relevant and equipped for future challenges.
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Otto Place, a new executive condominium (EC) project, successfully sold 165 units during its second balloting, according to Huttons Asia CEO Mark Yip. The development has become a popular choice for second-time buyers, particularly due to the lack of new EC projects in the West until Senja Close EC launches in 2027. Buyers are aware that the upcoming Senja Close EC will likely have a higher land and selling price, making Otto Place an attractive option.

The demand for larger units, especially those with a study, was notably high, with all four-bedroom units sold out. This trend is driven by second-time buyers who typically have larger families and require more space. Yip noted that if the income ceiling for EC buyers is raised, it could lead to increased competition for the Senja Close EC, particularly amongst these second-time buyers.

Interest rates are currently trending downwards, which has influenced buyer behaviour. Approximately 85% of purchasers opted for the deferred payment scheme, a significant increase from the estimated 75% during the initial launch in July 2025. This shift indicates a growing confidence in the market and the appeal of flexible payment options.
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Fenchurch Law, a leading international law firm for insurance policyholders and brokers, has bolstered its presence in the Asia-Pacific region by appointing two new partners at its Singapore office. Julian Teoh, a seasoned expert in insurance and reinsurance law, joins the firm, whilst Toby Nabarro, a founding member of the Singapore office, has been promoted from Director to Partner.

Julian Teoh brings over two decades of experience in handling property, construction, and business interruption claims across the region. His previous roles include being a partner at an insurer-facing international law firm and a secondment at Australia’s largest general insurer. His expertise is recognised in several legal directories, such as the Gracechurch Asia-Pacific Insurance Law Report.

Toby Nabarro, who joined Fenchurch Law in 2020, specialises in construction, engineering, and marine insurance coverage disputes. His promotion reflects the firm’s commitment to expanding its client-driven operations in the Asia-Pacific region. “Julian is set to be an instrumental member of our Singapore operation,” Nabarro stated, highlighting the strategic importance of Teoh’s appointment.

Since its inception in 2024, Fenchurch Law’s Singapore hub has been pivotal in supporting high-value, complex insurance disputes. The new appointments underscore the firm’s dedication to serving its broker partners and policyholders in the region. Julian Teoh expressed enthusiasm about joining the team, noting the firm’s excellent reputation and his eagerness to contribute to levelling the playing field for policyholders in insurance disputes.
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Otto Place Executive Condominium (EC) experienced a robust response during its second-timer booking event, with 166 units sold, bringing the total to 547 out of 600 units since its initial launch in July. The project, located in Tengah, Singapore, has now reached a 91% take-up rate.

PropNex CEO Kelvin Fong attributed the strong sales to the project’s favourable location, limited inventory of unsold ECs, and awareness of rising land costs for future EC developments.

Situated near the upcoming Tengah Park and Bukit Batok West MRT stations, Otto Place EC benefits from its proximity to key transport links and amenities. The area is also close to Jurong Lake District, set to become the largest mixed-use business district outside the city, and several schools, making it attractive to families. The EC’s appeal is further enhanced by its accessibility to HDB upgraders from nearby Jurong East and Bukit Batok estates.

The average unit price for Otto Place EC, based on sales before the second-timer booking, was approximately $1,750 per square foot. This includes transactions under the Deferred Payment Scheme, which typically carry a slight premium. With fewer than 60 unsold EC units remaining, the demand for such properties remains high, offering a more affordable entry into the private residential market.

Looking ahead, the next EC launch is anticipated in 2026 at Jalan Loyang Besar, with land acquisition costs indicating firm future pricing. A recent tender for an EC plot in Woodlands Drive 17 set a new record land rate, suggesting continued strong interest and stable pricing in the EC market.
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Straco Corporation, a developer and operator of tourism-related attractions, has announced a 9% drop in revenue to $32.67 million for the first half of 2025 compared to the same period last year. The decline is attributed to a 13% decrease in revenue from its three attractions in China and a single-digit decline at the Singapore Flyer. Net profit for the period stood at $5.35 million, impacted by an exchange loss of $1.24 million, contrasting with an exchange gain of $0.38 million in the previous year.

The company’s key attractions, including the Shanghai Ocean Aquarium and Singapore Flyer, continued to attract visitors, especially during holiday periods. However, a less optimistic economic outlook has dampened consumer confidence and discretionary spending on leisure activities. Executive Chairman Wu Hsioh Kwang noted, “Despite the economic slowdown, the tourism sector remains resilient in both markets that the Group operates in. That said, tourists are showing greater caution with discretionary spending.”

Straco is focusing on investing in its workforce, embracing technology, and enhancing exhibit quality to maintain competitiveness. A recent partnership between the Singapore Flyer and South Korean lifestyle brand WIGGLE WIGGLE aims to diversify offerings.

China’s GDP grew by 5.3% year-on-year in H1 2025, driven by domestic demand, whilst Singapore’s GDP growth averaged 4.2% in the same period. The Singapore Tourism Board reported an increase in visitors, reaching 8.33 million in H1 2025, nearing pre-COVID-19 levels. Despite potential geopolitical and macroeconomic challenges, the tourism sector remains a focal point for growth and new experiences.
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Frasers Logistics & Commercial Trust (FLCT) has announced the pricing of its $100m 2.45% notes, set to mature on 15 February 2034. The notes, issued under the $1b Multicurrency Debt Issuance Programme, are guaranteed by Perpetual (Asia) Limited in its capacity as trustee of FLCT. Oversea-Chinese Banking Corporation Limited is the sole lead manager and bookrunner for the issuance.

The Series 003 Notes, expected to be issued on 15 August 2025, will be available in denominations of $250,000 each. They have been assigned a “BBB+” rating by Fitch Ratings. The notes offer a fixed interest rate of 2.45% per annum, payable semi-annually. The issuer, FLCT Treasury Pte. Ltd., retains the option to redeem the notes prior to maturity at a make-whole amount.

Proceeds from the issuance will be utilised for refinancing existing borrowings, financing acquisitions, investments, asset enhancements, and general corporate purposes. The notes are offered to institutional and accredited investors in Singapore, in accordance with the Securities and Futures Act 2001.

An application for listing the notes on the Singapore Exchange Securities Trading Limited (SGX-ST) will be made, with approval indicating no assessment of the merits of the issuer or the notes. This issuance marks a strategic move for FLCT to strengthen its financial position and support future growth initiatives.
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