Industry News

Etiqa Insurance Singapore has relocated its office to Capital Square, marking a significant milestone in its commitment to enhancing customer accessibility and fostering community connections. The new office, situated at 23 Church Street, was inaugurated with a grand opening event featuring a Vespa convoy, a traditional lion dance, and the distribution of 300 pineapple gift bags symbolising prosperity.

The move coincides with Etiqa’s 11th anniversary in Singapore, reflecting its ongoing growth and success since its establishment in August 2014. Raymond Ong, CEO of Etiqa Insurance Singapore, highlighted the relocation as a testament to the company’s deepening roots in the community and its mission to serve clients with greater ease and relevance. “Opening this new office is not just about expanding our physical presence; it symbolises our deep roots in the community and our commitment to serving our clients better,” Ong stated.

Alvin Lee, Country CEO and CEO of Maybank Singapore, praised Etiqa’s journey and success, noting that the expansion aligns with Maybank Group’s vision to enhance synergy and service excellence in Singapore’s financial landscape.

The celebrations at the new office were designed to create a festive atmosphere, with the distribution of pineapple bags containing sweet treats to the public. These festivities also mark the beginning of Etiqa’s latest brand campaign, “Live Ready With You,” which focuses on everyday relevance and customer readiness. The customer care centre at the new location is open from Monday to Friday, 9.00am to 5.30pm, excluding public holidays.
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ETC Travel Retail has launched a new range of Singaporean snacks, accompanied by the opening of four new retail outlets at Changi Airport and Jewel. This initiative aims to position Singapore snacks as the preferred gift for tourists and Singaporeans travelling abroad. The new outlets are strategically located in both transit and public areas of Changi Airport, enhancing accessibility for travellers.

The snack range features vibrant packaging adorned with iconic Singapore emblems such as the Merlion and Gardens by the Bay. It includes new flavours and products like the Premium Travel Beverage range, featuring drip coffees with unique flavours such as Singablend Iced Gem and RelationChip Goals. Additionally, the range offers baked-in-Singapore cookies and a Freeze-Dried Fruit Tea range with lychee and passionfruit flavours.

ETC Travel Retail was founded by Edmond Wong, a London-born Singaporean, who sought to create a range of snacks that embody authentic Singaporean flavours. Wong’s vision is to expand ETC Travel Retail internationally through a master franchising model, aiming to establish the brand as “The Singapore Store” for the best of Singapore snacks.

The snacks are made with premium ingredients, free from preservatives, and are packaged in convenient, resealable packs. Previously available only in Terminal 2’s transit area, the snacks can now be found in Jewel, Changi Airport Terminal 1 and 2, and various online platforms.

ETC Travel Retail’s expansion reflects its commitment to showcasing Singapore’s culinary heritage to a global audience, with plans for further international growth.
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PROPEL with Singlife has announced the appointment of Terry Chen as its new Chief Technology Officer (CTO). With over 18 years of experience in financial services, technology, and strategy consulting across ASEAN, Chen will lead the company’s technology strategy to enhance its platform capabilities. His focus will be on providing seamless, scalable solutions and a superior user experience for financial advisory (FA) firms.

Chen’s role will involve optimising operational efficiency and driving innovation to minimise inefficiencies faced by financial advisers. Steven Ong, CEO of PROPEL, expressed confidence in Chen’s abilities, stating, “Terry’s appointment reflects our commitment to delivering a best-in-class platform for financial advisory firms. His extensive experience in digital transformation and technology innovation will be instrumental in enhancing the PROPEL platform.”

Before joining PROPEL, Chen was a Principal at Boston Consulting Group, where he worked with top-tier organisations to drive digital transformation. His previous roles include senior positions at Accenture, where he partnered with leading financial institutions to deliver large-scale digital and technology transformation initiatives.

Chen expressed enthusiasm for his new role, stating, “I am thrilled to join in PROPEL’s pioneering mission to empower advisers to start and grow their own advisory firms. PROPEL’s platform has the potential to truly redefine how financial advisory firms operate.”

PROPEL was recently recognised as the ‘Insurtech Initiative of the Year – Singapore’ at the 10th Insurance Asia Awards, highlighting its rapid growth since its official launch in January. This appointment marks a significant step in PROPEL’s mission to support new and growing FA firms in a competitive market.
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The Urban Redevelopment Authority (URA) has announced the results of the Bayshore Road land tender, with SingHaiyi Group securing the site with a top bid of approximately $659m, translating to a land rate of $1,388 per square foot per plot ratio (psf ppr). This tender marks the first private residential Government Land Sales (GLS) site in the new Bayshore precinct, which is planned to accommodate around 10,000 new homes, 70% of which will be Housing Development Board (HDB) flats.

The tender attracted eight bids, equalling the highest number of bids for a URA plot since the Jalan Tembusu site in January 2022. The top bid from SingHaiyi Group was narrowly higher—by just 0.8%—than the second-highest bid from Sing Holdings. However, there was a significant 36% spread between the top bid and the lowest bid from Sim Lian Group.

Wong Siew Ying, Head of Research and Content at PropNex, noted that the top bid land rate for the Bayshore Road site is higher than some Central Region plots awarded previously. For example, Zion Road plots fetched $1,202 and $1,304 psf ppr, whilst Holland Drive and River Valley Green plots were sold for $1,285 and $1,325 psf ppr, respectively.

The tender outcome exceeded expectations, with developers submitting bullish bids due to the site’s strong locational attributes, including proximity to the Bayshore MRT station and potential waterfront views. Wong highlighted the pent-up demand for new private housing in the area, particularly from HDB upgraders in nearby estates, as no significant private condo launches have occurred in Bayshore for decades.

The positive sales momentum in the primary market and anticipation of strong homebuying interest for the future Bayshore project have contributed to the optimistic bids. The last nearby GLS plot was sold in Siglap Road in 2016, with Seaside Residences launched in 2017 and sold out by 2021. PropNex projects that the average selling price for the Bayshore site could exceed $2,600 psf.

Singapore has emerged as a leader in workplace flexibility and sustainability-driven employment, according to a new study by recruitment firm Reeracoen and research agency Rakuten Insight Global. The study, which surveyed over 12,000 professionals across 12 Asia-Pacific economies, highlights Singapore’s advanced adoption of hybrid work models and the importance of environmental, social, and governance (ESG) factors in employment decisions.

The Reeracoen × Rakuten Insight APAC Workforce Whitepaper 2025 reveals that 68% of Singaporean workers have access to hybrid work options, significantly higher than the regional average. Additionally, 79% of Singaporeans consider a company’s sustainability and corporate social responsibility (CSR) initiatives when choosing an employer. Kenji Naito, Group CEO of Reeracoen, noted, “Flexibility, purpose, and learning are no longer perks. They are expectations. Singapore is ahead of the curve on many of these fronts.”

Key findings from the study indicate a “flexibility gap” where 72% of workers desire hybrid work models, yet only 46% have access. Furthermore, 71% of respondents across APAC are influenced by a company’s sustainability efforts, with Singapore and Vietnam leading in this regard. The study also highlights a “learning leadership” gap, as 65% of workers prioritise skills development, but only 18% feel their current employer supports this.

Shoichi Sunaga, Branch Manager of Reeracoen Singapore, emphasised the importance of sustainable practices, stating, “Sustainable practices and purpose-led work cultures are no longer optional.” As Singapore continues to lead in these areas, the study suggests that companies must balance cost discipline with workforce expectations to remain competitive.
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The manufacturing sector in Singapore is showing cautious optimism for the third quarter of 2025, with 10% of firms expecting an improvement in business conditions, according to a survey by the Economic Development Board. In contrast, 5% of firms foresee a weaker business outlook, resulting in a net weighted balance of 5% of firms anticipating an improved business situation for the period from July to December 2025.

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CapitaLand Ascott Trust (CLAS) has announced its intention to divest Citadines Central Shinjuku Tokyo for JPY25 billion (S$222.7 million), marking a 100% premium over the property’s book value. This strategic move is part of CLAS’s portfolio reconstitution strategy aimed at enhancing returns for Stapled Securityholders. The transaction, which is expected to complete by the fourth quarter of 2025, will unlock an estimated net gain after tax of JPY5.7 billion (S$50.8 million).

The divestment will allow CLAS to redeploy capital into more effective uses, such as repaying higher-interest debt, funding asset enhancement initiatives (AEIs), and reinvesting in higher-yielding properties. This approach is expected to improve CLAS’s financial flexibility, enabling it to distribute divestment gains or mitigate short-term impacts of AEIs or macroeconomic downturns. The proposal will be presented for approval at an Extraordinary General Meeting in September 2025.

Serena Teo, CEO of the Managers of CLAS, stated, “After evaluating the property’s age, substantial capital expenditure required, and the potential income loss during renovation, we are proposing to divest Citadines Central Shinjuku Tokyo at this opportune time. It will enhance our financial flexibility to further optimise our portfolio.”

Post-divestment, Japan is anticipated to contribute about 16% to CLAS’s gross profit. The country remains a key market for CLAS, with its rising urban migration and limited supply of prime housing options supporting a resilient income base. In the first half of 2025, CLAS’s rental housing portfolio in Japan maintained a stable income with an average occupancy rate of over 95%.

This divestment is part of CLAS’s ongoing strategy to recycle capital towards more optimal uses, having completed nine divestments totalling over S$500 million since 2024. The proceeds have been used to fund AEIs and invest in yield-accretive acquisitions, further strengthening CLAS’s portfolio.
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Singapore’s luxury non-landed property market experienced a surge in activity during the second quarter (Q2) of 2025, with 59 transactions recorded, according to Huttons’ Prestige Report. The first half (1H) of 2025 saw 131 luxury non-landed homes change hands, marking a 33.7% increase from the second half (2H) of 2024 and a 19.1% rise compared to the same period last year.

The Good Class Bungalows (GCBs) market also witnessed a notable uptick, with 11 deals in Q2 2025, a significant jump from just two in the previous quarter. The total transacted value of GCBs reached $337.6 million, more than tripling the value from Q1 2025. Mark Yip, CEO of Huttons Asia, highlighted the strong interest from ultra-high-net-worth individuals (UHNWIs) seeking stable investment locations.

Despite a 21.3% decrease in the total value of luxury non-landed homes sold in Q2 2025 compared to Q1, the market remains robust. The highest transaction was a $30.87 million sale of a five-bedroom unit in Skywaters Residences. Additionally, 21 Anderson sold four units for over $80 million in total.

Looking ahead, the Henley Private Wealth Migration Report 2025 projects a net inflow of 1,600 millionaires into Singapore, which is expected to further boost the luxury property market. Upcoming launches, including River Green and Skye at Holland, are anticipated to sustain interest in the sector. As more wealth and naturalised citizens establish roots in Singapore, the GCB market is likely to maintain steady interest.
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Astra International, a leading Indonesian conglomerate, has been reaffirmed with a “Buy” rating by Maybank IBG Research, highlighting its robust diversification strategy and attractive dividend yield. The company’s shares are currently trading at a price-to-earnings ratio of 6.0 times for the financial year 2025, which is considered undervalued compared to its five-year average. This valuation is supported by expectations of a rebound in automotive sales, improved consumer sentiment, and a recovery in financial services.

The report from Maybank IBG Research notes that Astra International’s diverse business operations, which span automotive, financial services, and other sectors, provide a buffer against economic fluctuations. The company’s first-half performance in 2025 was softer than expected, but analysts believe this has already been factored into the stock price. The anticipated recovery in automotive volumes and financial services is expected to act as catalysts for future growth.

Astra International’s financial outlook remains strong, with a projected dividend yield of 6.5% for FY25. The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) are forecasted to reach IDR54,839.2 billion in FY25, with a core net profit of IDR32,289.5 billion. Despite a slight decline in core earnings per share growth, the company’s strategic diversification is seen as a key factor in maintaining its resilience.

In conclusion, Astra International’s diversified portfolio and strategic positioning are expected to support its growth trajectory, making it an attractive investment opportunity amidst market uncertainties.
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Aster has successfully completed the acquisition of Chevron Phillips Singapore Chemicals Pte Ltd (CPSC), marking a significant step in its strategy to enhance its integrated chemicals capabilities in the Asia Pacific region. The acquisition includes a high-density polyethylene (HDPE) manufacturing facility on Jurong Island, which will now operate as Aster Polymer Solutions Pte Ltd.

This strategic move is set to bolster Aster’s position as a leading energy and chemicals provider in the region. The newly acquired facility, with an annual capacity of 400 KTA, will be integrated into Aster’s existing operations, complementing its refinery on Bukom Island and other chemical assets on Jurong Island. This expansion is expected to meet the increasing demand for high-quality polyethylene products across Southeast Asia.

Erwin Ciputra, Group CEO of Aster, stated, “The acquisition of CPSC directly enhances our integrated manufacturing platform. With CPSC’s polymer capabilities and our existing feedstock and processing infrastructure, we can offer a broader range of solutions to customers across packaging, consumer goods, and industrial sectors.”

Aster Group, a joint venture led by Chandra Asri and Glencore, has been a prominent provider of energy, chemical, and infrastructure solutions in Southeast Asia since 1992. The acquisition of CPSC is anticipated to strengthen Aster’s ability to respond to evolving market needs and build a more resilient chemicals ecosystem across the Asia Pacific.
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