Industry News

AI adoption is on the rise in Singapore’s retail sector, with 98% of businesses exploring or deploying AI technologies. However, a mere 10% of retailers trust AI to autonomously manage the entire customer journey, according to a study by monday.com. The research surveyed 350 retail decision-makers in Singapore, revealing a significant gap between AI exploration and trust.

The study highlights that whilst 94% of retail leaders believe AI can help local retailers compete globally, only 50% of small retailers, defined as those with up to 50 employees, share this confidence. Employee resistance, particularly in shopping centres, remains a significant barrier, with 77% of employees showing reluctance towards AI adoption.

Gavin Watson, Senior Industry Lead at monday.com, emphasised the importance of human oversight in AI implementation. “Singapore’s retailers see AI as an opportunity to deliver personalised, intelligent, and faster customer experiences,” he said. However, he noted that transparency and trust are crucial for successful AI integration.

The research also found that 75% of retailers are using AI to achieve sustainability goals, such as optimising production and reducing waste. This aligns with Singapore’s national environmental standards and goals like the Green Plan and net-zero targets by 2050.

In conclusion, whilst AI offers significant potential for enhancing competitiveness and sustainability in Singapore’s retail sector, the lack of trust and employee resistance pose challenges. Future efforts must focus on building trust and ensuring transparency to fully realise AI’s benefits.
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Eneco Energy Limited has reported a significant turnaround in its financial performance for the six months ending 30 June 2025, achieving a net profit of $0.60 million (S$0.82 million) compared to a net loss of $0.30 million (S$0.41 million) in the previous period. This improvement is largely attributed to the robust performance of its logistics division, Richland Logistics Services, which saw a 9% increase in revenue to $12.00 million (S$16.40 million).

Richland Logistics, a key revenue driver for Eneco, specialises in airport cargo services and integrated logistics, serving a diverse clientele of blue-chip companies. The division’s growth was bolstered by increased sea freight forwarding, transportation, warehousing, and supply chain services, despite a decline in full container load activity.

Eneco’s Executive Director, Ang Jun Long, highlighted the effectiveness of strategic initiatives and the resilience of the logistics business. “Within a short period of time, we are pleased to achieve a meaningful turnaround in our performance,” he stated, emphasising the company’s commitment to sustaining growth and exploring new market opportunities.

The company also announced securing five new logistics contracts valued at approximately $3.00 million (S$4.05 million) annually, with service durations ranging from two to three years. Notably, one contract involves a “Green Distribution Model” deploying electric vehicle lorries across Singapore.

In addition to organic growth, Eneco is pursuing inorganic growth through mergers and acquisitions to diversify its portfolio. The company has signed an exclusive distribution agreement for an innovative engineering solution aimed at enhancing oil and gas production efficiency, with plans to pilot this in Indonesia later in 2025.

Eneco’s strategic focus on operational efficiency and market expansion positions it well for future growth, as it continues to build a resilient business ecosystem.
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Tokyo has emerged as the leader in the Savills World Cities Prime Residential Index, recording an impressive 8.8% growth in capital values during the first half of 2025. This growth is attributed to a persistent shortage of new housing stock and robust demand from both domestic and international buyers. The city’s capital values are expected to rise further by 6% to 7.9% in the latter half of the year.

Singapore, whilst only seeing a modest 0.2% growth in capital values, stands out for its high transaction costs. The city imposes a 60% Additional Buyer’s Stamp Duty on international buyers, making it the most expensive globally in terms of entry costs. Alan Cheong of Savills Singapore noted that local demand, driven by higher public flat resale prices, is expected to sustain the private residential market.

Berlin and Dubai also showed strong performances, with capital value increases of 7.2% and 5.7%, respectively. These cities, along with Seoul, which posted a 5.1% growth, benefited from limited development pipelines and strong buyer sentiment. Meanwhile, cities known for their lifestyle appeal, such as Amsterdam, Cape Town, Lisbon, and Sydney, experienced positive growth driven by sustained international interest.

In contrast, Hong Kong faced challenges, with a 3.5% decline in capital values due to high pricing and policy uncertainty. Despite this, it remains the most expensive city in the index, with average prime prices of $3,720 (£2,860) per square foot.

Looking ahead, Savills forecasts an average capital value growth of 1.5% across the index in the second half of 2025, with Cape Town, Seoul, and Tokyo leading the way.
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Rental prices and volumes for both HDB flats and condominiums in Singapore experienced significant increases in July 2025, according to the latest 99-SRX Media Flash Report. The surge is attributed to the seasonal influx of expatriates and families settling before the new school term, alongside mid-year lease renewals.

In the condominium market, rental prices rose by 1.5% from June, with the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) seeing increases of 0.6%, 1.1%, and 2.1%, respectively. Year-on-year, condo rental prices were up by 3.1%. Rental volumes also saw a substantial month-on-month increase of 30.2%, with 8,691 units rented in July compared to 6,674 in June. This figure was 10.6% higher than the five-year average for July.

The HDB rental market mirrored this trend, with prices rising by 1.6% from June. Mature estates saw a 1.8% increase, whilst Non-Mature estates rose by 1.3%. Year-on-year, HDB rental prices increased by 3.2%. Rental volumes for HDB flats increased by 16.9% month-on-month, with 3,168 units rented in July, marking a 4.6% rise compared to July 2024.

The report highlights that HDB flats remain a more affordable option for many tenants, especially those priced out of the private market. As the rental market continues to heat up, these trends suggest a robust demand for rental properties in Singapore.
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CBRE has announced the sale of 15 prime freehold ground floor strata units at East Village, Singapore, with a total guide price of $71.8 million. The portfolio, which includes 11 Food & Beverage (F&B) units, a clinic, and three gym units, is available through an Expression of Interest closing on 18 September 2025.

Completed in 2014, East Village is a mixed-use development located in Simpang Bedok, featuring 90 residential units above a bustling retail podium. The retail area is home to popular establishments like Anytime Fitness and Ikura Japanese Restaurant. The development benefits from its strategic location with triple road frontage and proximity to amenities such as Anglican High School and ITE College.

The 15 commercial units span approximately 17,482 square feet, with sizes ranging from 431 to 6,985 square feet. All units are currently let, offering immediate rental income and potential for capital appreciation. The guide price translates to about $4,110 per square foot, and units can be sold individually or as a portfolio. Notably, there are no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty for purchasers.

Joshua Giam, Director of Capital Markets at CBRE, highlighted the strong demand for commercial properties, citing the reduction in borrowing costs and the scarcity of freehold units in prime locations. He noted the operational flexibility of the units, which feature dedicated entrances and outdoor refreshment areas.

East Village is well-connected, with Tanah Merah MRT station nearby and easy access to major expressways, making it a 22-minute drive from the Central Business District.

The Singapore Exchange (SGX) has kicked off its new fiscal year with robust performance figures, as revealed in a recent company update. July’s data indicates that securities and derivatives volumes have surpassed the estimates for the first half of the fiscal year ending June 2026, according to RHB’s research note.

Notably, small and mid-cap liquidity surged by 94% month-on-month, fuelled by retail flows and six consecutive months of institutional net buys.

This momentum is expected to continue, although the stock’s forward valuation appears stretched unless the July performance is sustained and annualised. Analyst Shekhar Jaiswal noted that their earnings forecasts for fiscal years 2026 to 2028 are 5-6% above consensus, with dividend estimates exceeding guidance. However, the implied yield of approximately 3% for fiscal year 2026 remains below the market average.

The SGX’s share price has risen by 27% year-to-date, reflecting the optimism already priced into the market. Despite the strong start, the company’s forward valuation suggests caution unless the current momentum is maintained. The update also highlighted that the dividend yield, whilst exceeding guidance, is still trailing behind the broader market yield.

Looking ahead, the SGX’s performance will be closely monitored to see if it can sustain the strong start to the fiscal year. The company’s ability to maintain this momentum could have significant implications for its valuation and investor confidence.
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Hong Leong Asia has announced a robust 56.4% year-on-year increase in profits from its powertrain solutions segment, according to its latest report. This surge is attributed to the company’s strategic focus on enhancing its powertrain offerings, which has significantly bolstered its financial performance.

The company also noted a temporary dip in its building materials segment due to capacity replacement delays. However, it anticipates a recovery by the end of the year, which could further stabilise its overall financial outlook. In light of its strong performance, Hong Leong Asia has doubled its interim dividend to 2.0 Singapore cents, reflecting higher profits and a stronger net cash position.

The report maintains a “BUY” recommendation for Hong Leong Asia, with an increased target price of $2.05 (S$2.80). This optimistic outlook is supported by the company’s strategic initiatives and financial health, positioning it well for future growth.

These developments underscore Hong Leong Asia’s resilience and adaptability in navigating market challenges, particularly in its powertrain solutions segment. As the company continues to enhance its offerings and address operational hurdles, it remains a key player to watch in the industry.
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uSMART Securities, a strategic investment of Chow Tai Fook Holding Limited, has announced the launch of new branches at Hong Kong’s Lok Ma Chau MTR Station and West Kowloon High-Speed Rail Station. This expansion is part of a broader plan to open 12 service centres across Hong Kong and Singapore this year, targeting key districts such as Tsim Sha Tsui, Causeway Bay, Tsuen Wan, Sheung Shui, and Sheung Wan. The initiative aims to enhance the regional service network and bring financial services closer to local clients.

As the leading Hong Kong-funded fintech brokerage, uSMART Securities boasts over 800,000 users globally. The new branches will offer comprehensive services, including investment consultations, account opening assistance, and personalised support for seniors and beginners using their trading app. Neo Lee, Executive Director of uSMART Securities, emphasised the company’s commitment to elevating the investment experience.

During the launch period, clients visiting the new branches can enjoy exclusive mystery gifts, complimentary beverages, and mobile charging services. New customers opening an account will receive additional rewards. To further penetrate the Hong Kong market, uSMART Securities has introduced a Trader Account offering lifetime 0% commission for US and Hong Kong stocks, plus 0% commission for US options trading for local clients.

uSMART Securities is also rolling out a suite of 0% fee promotions for both new and existing clients, including reduced margin interest for IPO subscriptions and no handling fees for cash subscriptions. These offers are designed to support various investment strategies, ensuring clients benefit from cost-effective trading options.

The company is actively expanding its teams in Hong Kong and Singapore to boost competitiveness. Additionally, uSMART’s newly established Manhattan office in New York will focus on serving hedge funds, family offices, and pre-IPO companies, reinforcing its leadership in fintech brokerage. Looking ahead, uSMART Securities remains dedicated to customer-centric innovation, delivering premium services and cutting-edge financial solutions for global investors.
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Singapore-based digital travel platform Agoda has launched a curated guide to some of Asia’s most picturesque landscapes in celebration of World Photography Day on 19 August. This initiative comes as a response to research from Virgin Media, which reveals that holidaymakers take over 14 selfies daily and upload seven images to social media weekly. The guide aims to inspire travellers to capture the beauty of lesser-known destinations across Asia.

The guide features six breathtaking locations, each offering unique opportunities for photography enthusiasts. In Vietnam, the Ha Giang Loop is highlighted for its winding roads, limestone peaks, and vibrant rice terraces. India’s Meghalaya, known as the Abode of Clouds, offers lush hills and living root bridges, whilst Japan’s Yakushima Island, a UNESCO World Heritage site, boasts ancient cedar forests and diverse ecosystems.

Indonesia’s Raja Ampat is celebrated for its crystal-clear waters and coral reefs, providing both above and underwater photographic opportunities. The Philippines’ Palawan, with its dramatic limestone cliffs and turquoise waters, is a haven for landscape photographers. Lastly, Taiwan’s Taroko Gorge, with its marble cliffs and winding river, offers dramatic landscapes and hiking trails.

Andrew Smith, Senior Vice President of Supply at Agoda, remarked, “World Photography Day is the perfect excuse to pack a camera and explore Asia’s breathtaking hidden gems.” Agoda’s platform offers over 6 million holiday properties, 130,000 flight routes, and 300,000 activities, all available for booking through their mobile app. This guide not only showcases stunning locations but also encourages travellers to document and share their experiences, enhancing the appreciation of diverse cultures and landscapes.
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Moody’s Ratings has affirmed the Prime-1 (P-1) local and foreign currency short-term debt ratings for Clifford Capital Asset Finance Pte Ltd’s $500m commercial paper programme. The affirmation reflects the robust backing of the Singapore government, which guarantees the principal and interest amounts of up to $500m and $50m, respectively.

Clifford Capital, previously known as Bayfront Infrastructure Management Pte Ltd, plays a crucial role in investing and distributing project and infrastructure debt across the Asia-Pacific and Middle East regions. The company was established in conjunction with the Infrastructure Take-Out Facility, sponsored by the Monetary Authority of Singapore. It is 70% owned by Clifford Capital Holdings Pte Ltd, with the remaining 30% held by the Asian Infrastructure Investment Bank.

The guarantee provided by the Singapore government is unconditional and irrevocable, covering payments that may be rescinded or clawed back. It is governed by Singaporean law, which Moody’s deems favourable for guarantee enforcement. Despite lacking an explicit waiver on defences and including a 15-day payment period upon demand notice, Moody’s expects the Singapore government to honour its commitments promptly due to its strong credit standing.

An upgrade of Clifford Capital’s ratings is not feasible as they are already at the highest level. A downgrade is considered unlikely, given the stable outlook on Singapore’s sovereign rating, which would require a significant downgrade of the sovereign rating itself.
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