Industry News

The Singapore Tourism Board (STB) and Grab, Southeast Asia’s leading superapp, have announced a strategic partnership to enhance visitor experiences and bolster Singapore’s status as a premier travel destination. Through a newly signed Memorandum of Understanding (MOU), the collaboration seeks to attract more international visitors and increase tourism spending by offering seamless and authentic travel experiences across the city.

The partnership focuses on leveraging STB’s expertise in destination marketing and Grab’s insights into dining and commuting trends to empower travellers to explore Singapore’s diverse precincts with ease. This initiative aligns with STB’s Tourism 2040 roadmap, aiming to cultivate visitor demand and drive quality tourism growth.

Terrence Voon, Executive Director for Southeast Asia at STB, highlighted the partnership’s potential: “Together with Grab, we hope to inspire more travellers to consider Singapore, and when they are here, to make every ride an adventure.”

Key initiatives include enhancing the Grab Travel Pass, which offers discounts on transport and services for international visitors, and collaborating with event organisers to elevate experiences through Grab’s mobility, food, and financial services. The partnership also aims to spotlight Singapore’s culinary scene, which saw a 6.3% increase in tourism receipts from Food and Beverage (F&B) in 2024.

Alejandro Osorio, Managing Director of Grab Singapore, emphasised the importance of showcasing Singapore’s culinary identity: “Through our partnership with STB, we hope to help travellers uncover these authentic moments, showcasing Singapore’s heritage.”

With 8.33 million international visitors in the first half of 2025, this collaboration is poised to sustain tourism momentum and extend economic benefits to local communities.
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In celebration of Singapore’s 60th year of independence, the Singapore Flyer is launching a reimagined journey that traces the nation’s history from its ancient origins to its modern-day marvels. Starting 8 August 2025, visitors can explore the newly transformed Time Capsule, a two-storey multisensory attraction that sets the stage for the Singapore Flyer experience. This immersive pre-flight journey combines cutting-edge multimedia, interactive exhibits, and cinematic storytelling, enhanced by a personalised web app.

The Time Capsule experience, created in collaboration with Untitled Project, features R65, a time-travelling robot, guiding guests through Singapore’s history. Visitors can explore the country’s past, from its mythical legends to its role as a bustling trading port, using technologies like projection mapping and LiDAR. The journey continues with Peranakan-themed installations and interactive games on Level 2, offering insights into Singapore’s cultural identity.

Ringo Leung, General Manager of Singapore Flyer, stated, “The reimagined Singapore Flyer journey invites everyone to experience the Singapore story in an entirely fresh and entertaining way, from the ground to the sky.”

The experience culminates with a ride on the Singapore Flyer, soaring 165 metres above the city, offering panoramic views and insights into nearby landmarks through the FLYER360 mobile app. The entire journey transforms the traditional 30-minute ride into a 75-minute adventure.

Additionally, the Singapore Flyer will host a waterfront night market from 6 to 10 August, featuring street eats and live performances. On 9 August, operating hours will extend until 12.30am, with exclusive National Day promotions available for Singapore Citizens and Permanent Residents.
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PropertyGuru, Southeast Asia’s leading property technology company, has partnered with Workday, Inc. to transform its Human Resources (HR) operations across Singapore, Malaysia, Thailand, Vietnam, and India. This collaboration aims to enhance the employee experience by implementing Workday Human Capital Management (HCM) to streamline workflows and improve productivity.

As PropertyGuru expanded to serve over 32 million users, its legacy HR systems struggled to keep pace, leading to inefficiencies in hiring and limited access to critical data. By adopting Workday’s HCM solution, PropertyGuru has simplified contract generation and approval processes, enabling faster and more informed workforce management decisions.

Helen Snowball, chief people officer at PropertyGuru, stated, “With Workday, we were not just changing systems—we were rethinking how work gets done. The partnership allowed us to simplify and modernise our processes whilst giving our people the tools and visibility they need to thrive.”

Jess O’Reilly, general manager, ASEAN at Workday, added, “PropertyGuru’s vision for a more connected, people-first organisation aligns perfectly with Workday’s approach to transformation. By putting employees at the centre and leveraging intelligent systems, they’ve built a foundation that not only simplifies work but empowers teams to lead with agility and purpose.”

Looking ahead, PropertyGuru plans to introduce new capabilities such as Workday Learning and Workday Talent Optimisation. These enhancements will support the company’s vision to evolve into a skills-based organisation, providing employees with greater clarity on growth pathways and access to career-shaping tools.
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Colliers has released its Q2 2025 Industrial Report, revealing that Singapore’s industrial real estate sector continues to demonstrate resilience despite global uncertainties and an increase in supply. The JTC All Industrial rental index rose by 0.7% quarter-on-quarter, reaching its highest level since Q2 1996, and marking a 24.6% increase since its Q3 2020 low.

The report highlights that rental growth was positive across all segments, particularly in multiple-user factories and business parks. However, overall industrial occupancy dipped slightly to 88.8%, primarily due to a 1.7% decline in the warehouse segment. The price index also saw a 1.4% quarterly increase, slightly slower than the previous quarter, yet achieving its highest level since Q4 2015.

Despite the challenges, Singapore’s position as a neutral and efficient logistics hub is expected to foster new demand patterns. The supply of industrial space is projected to increase significantly, with approximately 1.3 million square metres anticipated by the end of 2027, compared to the historical average of 0.9 million square metres annually.

Nicolas Menville, Executive Director and Head of Singapore-based Industrial Clients at Colliers, stated, “With careful calibration of supply and a strong reputation as a trusted regional hub, Singapore is well-positioned to capture long-term demand from high-value occupiers seeking operational stability and supply chain efficiency.”

Looking ahead, rental growth is expected to moderate due to cautious market sentiment and potential new tariffs on key exports. However, opportunities may arise in specialised logistics and high-tech industrial formats, according to Catherine He, Head of Research at Colliers Singapore.
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Din Tai Fung, the renowned Taiwanese restaurant celebrated by the Michelin Guide, has announced the launch of its new Ready-To-Heat retail range, offering a selection of its bestselling items in a convenient format. Starting from 4 August 2025, these products will be available at select restaurants across Singapore, with a full rollout planned by 2026.

The new range includes three iconic items: Steamed Pork Buns, Steamed Custard Buns, and Steamed Chinese Style Layered Cake. The Steamed Pork Buns, priced at $13.90 for six pieces, feature a traditional sourdough starter and premium Taiwanese flour, filled with marinated pork. The Steamed Custard Buns, available for $16.90, are filled with a golden custard made from salted egg yolks, offering a sweet-savoury balance. Completing the trio is the Steamed Chinese Style Layered Cake, a vegetarian-friendly option priced at $15.90, known for its nine delicate layers.

From 25 August 2025, the Handmade Pork and Cabbage Dumplings will join the line-up, priced at $9.90 for eight pieces. Each dumpling is meticulously wrapped and vacuum-sealed for freshness.

As part of the launch, DBS/POSB Cardmembers can enjoy a 15% discount on purchases over $42 until 30 September 2025. This new offering allows fans to enjoy Din Tai Fung’s signature flavours in the comfort of their homes, marking a significant expansion of the brand’s retail presence.
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Singapore’s retail sales saw a 1.4% year-on-year increase in May 2025, primarily driven by a significant 10.4% rise in motor vehicle sales, according to Market Analyst Zavier Wong from eToro. This surge followed a temporary increase in the Certificate of Entitlement (COE) quota. However, Wong warns that the core retail volumes, excluding autos, have been quietly declining since March.

The latest data, expected today, is likely to reveal this underlying softness more clearly. The Monetary Authority of Singapore (MAS) has highlighted potential softening in labour demand, which could further impact household sentiment in the latter half of the year. Wong notes that whilst consumers continue to spend, they are doing so with more caution, prioritising essential goods over non-essential, mid-range lifestyle purchases.

Regional platforms such as Sea Ltd. and Grab Holdings are useful indicators of consumer behaviour shifts. Wong points out that if growth on platforms like Shopee and Grab starts to plateau, it could signal broader caution across the region, affecting not just e-commerce but also dining, mobility, and lifestyle services.

Looking forward, discretionary spending categories may face increased pressure, particularly if the labour market weakens. The MAS has already indicated this risk, citing potential moderation in hiring and wages. The upcoming labour market report, due in mid-September, will be crucial in determining whether consumers are becoming more cautious due to weaker income expectations.
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ESR-REIT (EREIT) has reported a promising first half of 2025, with its distributable income slightly surpassing expectations, according to CGS International’s report. The REIT’s distribution per unit (DPU) for the first half of the year stood at 11.239 Singapore cents, accounting for over half of the full-year estimates. This performance was bolstered by a capital top-up of S$10.1 million and robust portfolio reversions of 9.7%, despite a slight dip in occupancy to 91.2%.

The REIT’s revenue and net property income (NPI) saw significant year-on-year growth, driven by new acquisitions such as the ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue. These acquisitions contributed S$32.5 million to the NPI, with the overall revenue reaching S$222.9 million, a 23.2% increase from the previous year. The NPI margin also improved to approximately 75%, aided by reduced utility expenses and increased service charges.

Management remains optimistic about the second half of 2025, maintaining a full-year rental reversion guidance of 6-7%. They have completed most refinancing for the year and anticipate lower funding costs in 2026. Additionally, EREIT is considering divesting its hotel asset at Changi Business Park, potentially exceeding S$100 million, to reduce debt or facilitate unit buybacks.

Looking ahead, EREIT aims for stabilisation in its DPU and is targeting 50% occupancy at 16 Tai Seng by year-end. The REIT’s ongoing asset enhancement initiatives and strategic divestments are expected to support its financial stability and growth. However, challenges such as unfavourable exchange rates and lease non-renewals remain potential risks, said CGS International.
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Far East Hospitality Trust (FEHT) has demonstrated resilience in the first half of 2025, with its mid-tier hotels performing better than expected amid a sector-wide slowdown, according to a CGS International report. The trust’s distribution per unit (DPU) for the first half of the year was 1.78 Singapore cents, forming 46% of the full-year forecast of 3.84 cents. This performance was bolstered by a S$5.4 million top-up from the divestment of Central Square.

FEHT’s management has strategically adjusted room rates to maintain occupancy levels, particularly in the second quarter of 2025. Despite a 5.7% year-on-year decline in revenue per available room (RevPAR) for Singapore hotels, the trust’s mid-tier properties have been favoured by travellers seeking more affordable options. This trend is expected to continue, with forward bookings for the third quarter holding steady.

The trust also reported a S$2.4 million year-on-year saving in interest expenses, thanks to a decrease in the average cost of debt. Additionally, FEHT plans to issue earn-out stapled securities on 20 August 2025, following the acquisition of Oasia Hotel Downtown.

Looking ahead, FEHT is open to acquiring smaller properties in Japan and Singapore, potentially funded through capital recycling of mature assets. The trust’s gearing ratio increased slightly to 32.8% by the end of June 2025. CGS International maintains an “Add” rating for FEHT, with a target price of S$0.74, citing potential re-rating catalysts such as improved tourist arrivals and accretive acquisitions. However, risks include a global travel demand slowdown and changes in interest rates.
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Netlink NBN Trust has announced its financial results for the first quarter of the fiscal year ending March 2026, revealing a revenue of $75.3 million (S$102.8 million) and a net profit of $17.1 million (S$23.3 million). This accounts for 24% and 22% of the company’s full-year forecasts, respectively. The increase in non-Regulated Asset Base (non-RAB) revenue, which rose by 29% quarter-on-quarter, was primarily driven by installation-related services and ongoing projects like the North-South Corridor.

The company’s non-RAB business, which includes service-based segments, saw a revenue increase of 10.3% year-on-year, contributing to a dip in the EBITDA margin by 2.7 percentage points. This was attributed to higher operating expenses associated with these services. Additionally, increased depreciation and net finance costs led to an 8% year-on-year decrease in profit after tax for the quarter.

Residential and non-residential connection revenues remained stable, although both segments experienced a 0.7% decline in connection counts. This was due to Requesting Licensees deactivating inactive lines as part of database maintenance. Despite these challenges, Non-Building Address Points and segment connection counts rose by 15% and 1.8%, respectively, driven by demand from smart city infrastructure and enterprise deployments.

Netlink NBN Trust maintained its target price at $0.73 (S$1.00), supported by a projected dividend yield of 6.1% for FY26. The trust’s management also reported a lower gearing of 20% and increased its hedging ratio to 78.9% in the first quarter, expecting interest savings in future quarters. The company continues to focus on initiatives under Smart Nations 2.0, whilst potential risks include regulatory pricing changes and construction disruptions.
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Elite UK REIT, the only UK-focused real estate investment trust listed in Singapore, has reported a 10% year-on-year increase in its distribution per unit (DPU) for the first half of 2025, reaching 1.54 pence. This performance slightly exceeded expectations, supported by a 95% payout ratio compared to 90% in the same period last year, according to DBS Group Research. The trust’s revenue grew marginally by 0.5% to £18.7 million, driven by positive rental reversions and contributions from newly acquired properties.

The REIT is actively engaging in lease regearing negotiations with the Department for Work and Pensions (DWP), which is a major tenant contributing 92% of its gross rental income. This strategic move aims to address lease expiries in 2028, with plans to regear approximately 30% of the portfolio by the end of the year.

In a bid to diversify and enhance its portfolio, Elite UK REIT has received planning approval to convert Lindsay House in Dundee into a 168-bed purpose-built student accommodation (PBSA). This project is part of a broader strategy to capitalise on the favourable supply-demand dynamics in the UK’s student housing market. The conversion is expected to be completed before the academic year starting in September 2027.

Additionally, the REIT is progressing with plans to develop a hyperscale data centre at Peel Park, Blackpool. The asset’s valuation has already increased by 36% year-on-year, and further growth is anticipated with the secured power capacity doubling.

Elite UK REIT maintains a “BUY” recommendation from DBS Group Research with a revised target price of £0.40, reflecting its strategic focus and proactive portfolio management. The trust’s forward yield of over 9% and trading at a 0.85x price-to-book value ratio offer compelling value to investors.
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