Industry News

SGX-listed Elite UK REIT Management Pte. Ltd. has announced a fully underwritten private placement to raise at least £4m. The placement will issue new units priced between £0.295 and £0.305 to institutional and accredited investors. The proceeds will primarily finance the acquisition of three government-leased properties in the UK.

The private placement, managed by CIMB Bank Berhad, Maybank Securities Pte. Ltd., and RHB Bank Berhad, includes an option to increase the issue size by an additional £4 million, potentially raising total proceeds to £8m. The pricing represents a discount of 10% to 13% on the volume-weighted average price of £0.339 per unit on the Singapore Exchange.

The funds raised will allocate approximately £3.3m to finance the acquisition and associated costs, with £0.7m covering fees and expenses related to the placement. Any remaining funds will be used for general corporate purposes. If the Upsize Option is exercised, additional proceeds may fund future acquisitions, debt repayment, or property enhancements.

The placement aims to enhance trading liquidity and increase the number of units from 596,308,040 to 609,867,440, marking a 2.3% rise. The issuance is under a general mandate approved at the annual general meeting on 30 April 2025. Elite UK REIT will provide updates on fund utilisation through SGXNET announcements.
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SGX-listed Elite UK REIT Management Pte. Ltd. has announced a significant acquisition of three government-leased properties in the UK for $11.2m (£9.2m). The properties, located in Dover, Felixstowe, and Carmarthen, are expected to enhance the REIT’s counter-cyclical portfolio by providing a stable income stream backed by government tenants.

The acquisition, negotiated at a 7.6% discount to independent valuations, is set to deliver a gross rental income yield of 9.2%, surpassing the existing portfolio yield of 9.0%. The properties boast a long weighted average lease expiry (WALE) of 7.4 years, contributing to a more diversified and resilient portfolio. The acquisition will be partially funded through a private placement launched on 10 June 2025, aiming to raise at least $4.9m (£4.0m), alongside existing debt facilities and proceeds from previous divestments.

Joshua Liaw, CEO of the Manager, highlighted the strategic importance of the acquisition, stating, “The mission-critical national infrastructure to be acquired dovetails with our proposition of offering investors counter-cyclical income backed by non-discretionary assets amidst macro uncertainty.”

The properties include Priory Court in Dover and Customs House in Felixstowe, both leased to the Home Office, and Tŷ Merlin in Carmarthen, leased to the Department for Environment, Food and Rural Affairs (DEFRA). This acquisition increases Elite UK REIT’s portfolio to 151 assets, with a total valuation rising by 2.2% to $518.5m (£424.8m).

The acquisition aligns with Elite UK REIT’s strategy to reduce portfolio gearing and deliver accretive acquisitions, enhancing value for unitholders. The Manager continues to explore opportunities to optimise its asset portfolio, including potential developments in data centres and student accommodation.
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FairPrice Group (FPG) has announced the introduction of more than 50 new Thai food products across 87 FairPrice stores in Singapore. This expansion is part of the “I Love TH, Best of Thailand by Tops” campaign, which celebrates Singaporeans’ enthusiasm for Thai cuisine. The products, including popular snacks, condiments, and fruits, are sourced through FPG’s collaboration with Thailand’s Central Food Retail Group (CFG), a partnership formalised in September 2024.

The initiative aims to cater to the growing demand for Thai food products in Singapore, a country where Thailand remains a top holiday destination. Vipul Chawla, Group CEO of FairPrice Group, highlighted the importance of this partnership, stating, “Singaporeans have a deep love for authentic Thai cuisine, and as the nation’s largest retailer, we are committed to making things easy on the experience for our customers through our products and offerings.”

The collaboration brings CFG’s well-loved private labels, such as Snacker, My Choice Thai, and Tops, to FairPrice outlets. These labels offer a variety of products, including the Tongtin range, which features We Chips whole grain chips and DeeJai rice snacks.

Stephane Coum, CEO of Central Retail’s Food Group, expressed enthusiasm about the partnership, noting, “This allows us to share even more of Thailand’s vibrant culinary identity and quality products with Singaporean shoppers.”

As part of the campaign, FPG is also hosting a Thailand Fair from 5 to 18 June 2025, showcasing the latest Thai products across more than 100 FairPrice outlets. This initiative underscores FPG’s commitment to delivering diverse culinary experiences to its customers.
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Singapore’s employment landscape remains robust as the latest ManpowerGroup Employment Outlook Survey reveals a Net Employment Outlook (NEO) of 24% for Q3 2025. This marks a slight decline of 3 percentage points from the previous quarter but an improvement of 4 points compared to the same period last year. The survey, which included responses from 525 employers, highlights the resilience of Singapore’s job market amidst ongoing global trade uncertainties.

The Healthcare and Life Sciences sector continues to lead with the strongest hiring outlook, recording an NEO of 43%, despite a 6-point drop from the previous quarter. This sector has consistently ranked among the top three most competitive in Singapore since the beginning of 2025. Meanwhile, the Information Technology sector is also seeing significant activity, with 74% of companies increasing investment in automation, a trend expected to bring substantial changes to IT and data-focused roles over the next five years.

Company expansion is cited as the primary driver for staffing increases, with 43% of employers planning to hire due to growth. Conversely, economic challenges remain the top reason for workforce reductions, affecting 42% of employers. The survey also notes that global trade uncertainty is influencing hiring decisions for 69% of companies, particularly impacting the Transport, Logistics, and Automotive sector, where 81% of employers report being affected.

As Singapore navigates these challenges, the focus on automation and adapting to an ageing workforce suggests a strategic shift towards future-proofing HR strategies. With 64% of companies increasing their investment in automation, the landscape of employment in Singapore is poised for significant transformation in the coming years.
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The General Insurance Association of Singapore (GIA) has issued a warning to the public about a series of fraudulent phone calls from scammers impersonating its staff. These calls, originating from local mobile numbers, aim to deceive individuals by enquiring about motor accident reports or insurance transactions, often using personal details to appear legitimate.

The GIA emphasises that it does not make unsolicited calls or request sensitive information, such as financial details, over the phone. The association advises the public to treat such calls as scams and refrain from sharing personal information, sending money, or sharing device screens with unknown callers.

To combat these scams, the GIA recommends several precautionary measures:

– **ADD**: Install the ScamShield App to block calls and filter SMSes. Set transaction limits suitable for daily expenses and lower notification thresholds. Report any suspicious bank activity immediately and use the Money Lock feature to secure funds.

– **CHECK**: Verify scam signs using official sources like the ScamShield App or the 24/7 ScamShield Helpline at 1799.

– **TELL**: Inform authorities, family, and friends about any scam encounters. If victimised, contact your bank to block transactions and file a police report.

For further information on scams, the public is encouraged to visit www.scamshield.gov.sg.
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Singapore-headquartered Agoda, the digital travel platform, has partnered with the Bangkok Metropolitan Administration and the Queen Sirikit Centre for Breast Cancer Foundation to organise a charity run aimed at raising awareness and funds for breast cancer research and treatment. The event took place on 8 June at Palm Garden in Lumphini Park, Bangkok, drawing over 200 Agoda employees, including senior leadership, to support the cause.

The charity run is part of Agoda’s commitment to social impact, with all donations going towards the foundation’s health initiatives. These include innovative treatments, educational campaigns, and early detection programmes. Damien Pfirsch, Chief Commercial Officer at Agoda, expressed pride in the event, stating, “This event enabled us to make a difference in our local community whilst fostering a deeper connection with those around us.”

Agoda pledged a minimum donation of $2,800 (THB 100,000), with additional contributions collected via QR codes at the venue. The proceeds will support advanced-stage breast cancer treatments, research on white blood cell-based immunotherapy, and awareness campaigns. Dr Adhisabandh Chulakadabba, Director of the Queen Sirikit Centre for Breast Cancer Foundation, highlighted the importance of such initiatives, saying, “This run is an important reminder of how education and proactive efforts can bring positive changes to our communities.”

The event underscores Agoda’s dedication to inspiring positive change and supporting women’s health through awareness and collective compassion.
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Singapore Repertory Theatre is set to captivate audiences with its latest production, Fried Rice Paradise: The Makan Party, beginning 12 August 2025. This immersive dinner theatre experience, celebrating SG60, combines music, laughter, and family drama, inviting attendees to indulge in local flavours whilst participating in the storyline. The audience will play a crucial role in deciding the fate of the Fried Rice Paradise empire.

The production, a creation of renowned Singaporean artist Dick Lee, promises to be a feast for the senses, blending theatrical performance with a culinary experience. “This show is not just about watching a performance; it’s about being part of it,” said Charlotte Nors, Managing Director of Singapore Repertory Theatre. The interactive nature of the event ensures that each night could offer a different outcome, depending on the audience’s votes.

Held at Paradox Singapore, the event is expected to draw theatre enthusiasts and food lovers alike, offering a unique way to celebrate Singapore’s rich cultural heritage. The combination of a compelling narrative and delicious local cuisine aims to create an unforgettable evening for all attendees.

As Singapore Repertory Theatre continues to innovate with its productions, Fried Rice Paradise: The Makan Party stands out as a testament to the creative spirit of Singapore’s arts scene. The production not only highlights local talent but also engages the community in a novel way, promising to be a highlight of the SG60 celebrations.
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SGX-listed China Everbright Water Limited has successfully issued the third tranche of its 2025 medium term notes, raising RMB700m. The issuance, fully subscribed by institutional investors in mainland China’s national inter-bank bond market, boasts a record-low interest rate of 2.07% for panda bonds with perpetual terms. The proceeds will be used to redeem the company’s existing perpetual medium term notes.

The 2025 Third Tranche Medium Term Notes (MTNs) have been awarded a “AAA” credit rating by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. Everbright Securities Company Limited led the underwriting, with Bank of China Limited, China Merchants Bank Co., Ltd., Bank of Jiangsu Co., Ltd., and China Zheshang Bank Co., Ltd. acting as joint lead underwriters.

In December 2024, Everbright Water registered multiple debt financing instruments totalling RMB8b, receiving approval to issue these in various tranches. The first and second tranches, issued in January and April 2025, raised RMB2.5b at interest rates of 1.78% and 1.90%, respectively.

The perpetual structure of the 2025 Third Tranche MTNs highlights Everbright Water’s innovative approach to financing, allowing for a diversified debt portfolio. The company’s strategic focus on optimising its debt structure aims to enhance the management of financing costs, providing sustained capital support for its development amidst a volatile market environment.
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The Straits Times Index (STI) continued its upward trajectory, climbing 1.02% to reach 3,934.29, driven by robust performances in the banking sector, Singapore Airlines, Jardine stocks, and the Singapore Exchange. This marks the STI’s seventh gain in the past eight weeks, supported by a stable Wall Street environment.

The week saw Wall Street experience some volatility, particularly with Tesla’s shares plummeting following a public disagreement between Elon Musk and Donald Trump. Despite this, positive developments emerged on the US-China tariff front, with May’s US jobs data indicating no immediate impact from tariffs. The Federal Reserve is expected to maintain interest rates in the upcoming week.

In corporate news, OCBC made a conditional general offer of S$30.15 per share for the remaining 6.28% stake, which an independent financial adviser described as “fair and reasonable.” Additionally, share buybacks are on the rise, according to SGX Research, with City Developments poised to gain $465m (S$465m) from selling its stake in South Beach.

The Securities Investors Association (Singapore) advised Singapore Paincare shareholders to await the independent financial adviser report before making decisions. The Weekly Market Review by SIAS, held every Monday at 12.30 PM, continues to provide insights into global and local market activities, offering valuable perspectives for investors.
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ETC has announced the sale of 51 Merchant Road, a standalone modern commercial building with annexed conservation shophouses, for $98m (S$135m). This unique property, located in one of Singapore’s vibrant riverside precincts, combines heritage charm with modern flexibility. Interested parties are invited to submit an Expression of Interest by 9 July 2025.

Occupying a site area of approximately 27,669 sq ft, 51 Merchant Road boasts a gross floor area of around 71,111 sq ft. The property, zoned for commercial use under Master Plan 2019, features a 4-storey main building with prominent frontage along Merchant Road and annexed shophouses that enhance its architectural appeal. A basement car park adds convenience for occupants and visitors.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the property’s potential: “51 Merchant Road is a rare commercial gem, offering multiple pathways in terms of use—whether as a corporate headquarters, an investment asset with rental income, or a redevelopment or asset enhancement opportunity.” She noted the property’s excellent connectivity and abundance of nearby amenities.

The building’s strategic location, just 300-400 metres from Clarke Quay and Fort Canning MRT stations, ensures superb connectivity. Nearby major expressways, including the Ayer Rajah Expressway and Central Expressway, further enhance accessibility.

With the ongoing rejuvenation of the riverfront precinct and nearby developments like Union Square and CanningHill Piers, the successful buyer is expected to benefit from increased footfall and long-term value uplift in the area.
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