Industry News

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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China Medical System Holdings Limited (CMS) has announced a robust financial performance for the first half of 2025, with turnover rising by 10.8% to RMB4,002 million compared to the same period last year. The company’s gross profit also saw an increase of 7.2%, reaching RMB2,891.9 million, whilst profit for the period climbed 3.1% to RMB931.5 million.

The growth is attributed to the diminishing negative impact of National VBP products and the continued sales increase of CMS’s major exclusive and branded products, which contributed 62.1% of total revenue. The company has been advancing its “New CMS, New Ascent” strategy, focusing on the commercialisation of innovative products and expanding into new retail and consumer healthcare sectors.

Key developments include the approval of five innovative drugs, with three NDAs under review, and the addition of two new collaborative R&D products. Notably, CMS completed its secondary listing on the Singapore Exchange in July 2025, enhancing its brand presence in Southeast Asia and international markets.

The company declared an interim dividend per share of RMB0.1555, marking a 3.2% increase from the previous year. As of 30 June 2025, CMS reported bank balances and cash amounting to RMB3,454.1 million, underscoring its strong financial position. The resignation of a non-executive director was also announced, though further details were not disclosed.
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NIO, a leading global smart electric vehicle company, has announced its strategic expansion into Singapore, Uzbekistan, and Costa Rica between 2025 and 2026. This move will be facilitated through partnerships with local distributors, marking NIO’s debut in the American and Central Asian markets and the launch of its first right-hand drive model.

In Singapore, NIO will collaborate with Wearnes Automotive, a prominent luxury automotive retailer in the Asia-Pacific region, to introduce its high-end electric vehicle, firefly, in 2026. Meanwhile, in Costa Rica, NIO will partner with Horizontes Cielo Azul Movilidad, the largest electric vehicle distributor in the country, marking its first venture into the Americas. In Uzbekistan, NIO will join forces with Abu Sahiy Motors, a leading local group, to enter the Central Asian market.

These partnerships are part of NIO’s multi-brand strategy, which includes NIO, ONVO, and firefly, aimed at offering diversified mobility solutions. Chris Chen, Head of Global Business Development at NIO, stated, “To accelerate our entry into diverse global markets, NIO is partnering with experienced players who have deep local expertise and extensive distributor networks.”

The initial offerings in these markets will include models such as the NIO EL8, EL6, ET5 Touring, ONVO L60, and firefly. This expansion reflects NIO’s commitment to its user enterprise philosophy and its mission of creating a sustainable future. With over 9,900 patents and a presence in more than 350 cities worldwide, NIO continues to innovate and expand its global reach.
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Banyan Group, a global hospitality company, has expanded its presence in Eastern China with the opening of Angsana Zhoushan and Homm Wenzhou Nanxijiang in Zhejiang Province. This expansion brings the Group’s total to 36 hotels in China, marking its 20th anniversary in the country. The Group aims to reach a significant milestone in November with the opening of its 100th global property, the Mandai Rainforest Resort in Singapore.

Angsana Zhoushan, located in the scenic “city of a thousand islands,” offers guests a blend of cultural immersion and natural beauty. The resort features 222 guestrooms and villas, many with private onsen pools, and a range of wellness facilities, including the award-winning Angsana Spa. Guests can enjoy Cantonese cuisine at Chun Feng Restaurant and participate in cultural experiences like fish basket weaving and incense card workshops.

Homm Wenzhou Nanxijiang, situated between the Yandang Mountains and the Nanxi River, provides a tranquil retreat with 100 rooms and suites. The hotel boasts a hot spring complex with 26 pools and offers activities such as mountain hiking and riverside cycling. Dining options include Zhejiang-inspired dishes at Nan Xiang Restaurant and cocktails at Star Bar.

Philip Ding, Senior Vice President of Hotel Operations & Business Development, China, stated, “These openings build on our growth momentum in China as we mark our 20-year anniversary and approach our 100th hotel globally.” The new properties reflect Banyan Group’s commitment to sustainable hospitality and cultural celebration.
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Singapore’s Minister for Trade and Industry, Tan See Leng, delivered a keynote speech at the 9th Singapore Regional Business Forum on 19 August 2025 in Bangkok, Thailand. The event marked the 60th anniversary of diplomatic relations between Singapore and Thailand, with a focus on strengthening business resilience and seizing new opportunities. The forum highlighted the robust trade relationship between the two nations, with bilateral trade reaching over S$44b last year, a 6.4% increase from the previous year.

The partnership between Singapore and Thailand is not only reflected in trade figures but also in collaborative ventures. For instance, Keppel and BCPG Public Company Limited have developed a district cooling system for Bangkok’s Samyan Smart City. Additionally, Singapore-based CoNEX Healthcare’s AI-powered patient monitoring solution, PreSAGE, is being utilised in Thai hospitals to enhance elderly care.

The forum also addressed the challenges posed by geopolitical tensions, climate risks, and technological disruptions. Tan emphasised the importance of regional collaboration, particularly within ASEAN, which is projected to grow at 4.7% this year. ASEAN’s digital economy is expected to surpass $1t (US$1t) in gross transaction value by 2025, presenting significant opportunities for businesses.

Tan urged businesses to explore opportunities in trade, digital collaboration, and sustainability. Notably, Singapore tech start-up Voltality has partnered with Thailand’s WHA Group to expand electric vehicle infrastructure. Furthermore, Tan announced an upcoming Implementation Agreement with Thailand under the Paris Agreement, marking a significant milestone in bilateral climate cooperation.
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The Competition and Consumer Commission of Singapore (CCCS) has given the green light for Typewriter Ascend Ltd’s acquisition of Global Sea Containers Limited, also known as Seaco. Following a thorough review initiated on 16 July 2025, CCCS concluded that the merger would not infringe upon the Competition Act 2004, which prohibits mergers that could significantly reduce competition in Singapore.

The assessment involved a public consultation and feedback from stakeholders, including competitors and customers, with no significant concerns raised. CCCS found that the two companies are not each other’s closest competitors and that the market for intermodal containers, including dry box and refrigerated shipping containers, remains competitive. Several factors contributed to this conclusion, such as the presence of numerous alternative suppliers, low barriers to entry, and the ability of customers to switch suppliers easily.

Additionally, the merged entity is expected to compete more effectively with larger suppliers, and customers are anticipated to retain bargaining power. Further details on the decision will be available on CCCS’s Public Register.

The CCCS, a statutory board under the Ministry of Trade and Industry, aims to ensure competitive markets and protect consumer interests in Singapore.
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