Industry News

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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OCBC Group has announced a net profit of S$3.70 billion for the first half of 2025, marking a 6% decrease compared to the same period last year. The decline is primarily attributed to a reduction in net interest income, which fell by 5% year-on-year due to a contraction in net interest margins, despite asset growth. Non-interest income, however, saw an 8% increase, bolstered by a robust rise in fee and trading income.

The bank’s cost-to-income ratio remained below 40%, and asset quality was maintained with a non-performing loan ratio of 0.9% and a non-performing asset coverage ratio of 156%. Customer loans and deposits both experienced year-on-year growth, with loans reaching S$325 billion and deposits at S$407 billion. The interim dividend was set at 41 pence per share, reflecting a payout ratio of 50%.

Group Chief Financial Officer Goh Chin Yee highlighted the bank’s balanced franchise, which provides earnings diversification. “Loans and deposits were up year-on-year and quarter-on-quarter, with banking operations income remaining relatively unchanged year-on-year as the drop in net interest income was mostly compensated by a 13% growth in non-interest income,” she stated.

Looking ahead, OCBC’s strong balance sheet, with a Common Equity Tier 1 capital adequacy ratio of 17.0%, positions the bank well to support long-term growth. The bank’s funding, liquidity, and capital ratios remain well above regulatory requirements, ensuring stability in a challenging economic environment.
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NetLink NBN Management Pte. Ltd., the Trustee-Manager of NetLink NBN Trust, has announced its financial results for the first quarter of the financial year 2026, ending 30 June 2025. The company reported a 1.9% increase in revenue, reaching $102.8 million, driven by higher ancillary project and installation-related revenue. However, EBITDA saw a 1.9% decline to $72.0 million due to increased operating expenses.

The Trust’s Profit After Tax (PAT) also fell by $2.4 million, attributed to the lower EBITDA and higher depreciation from an expanded asset base. As of 30 June 2025, residential connections totalled 1,513,231, with non-residential connections at 52,905. The quarter saw a slight decline in total connections, primarily due to the removal of inactive residential connections and end-user churn in the non-residential segment.

Despite these declines, growth in Non-Building Address Points (NBAP) and Segment connections was noted, supported by demand from Smart Nation and enterprise infrastructure projects. The Trust aims to continue expanding its network to support these initiatives, focusing on enhancing network resilience and extending coverage in northern Singapore.
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The CCCS has levied a substantial fine of $536 million on several Chinese yuan remittance service providers following an investigation into illegal information exchange practices. The penalty, announced on 31 July, aims to deter anti-competitive behaviour that could harm consumers and the market.

The investigation revealed that the involved companies had been exchanging sensitive information, which could potentially lead to price-fixing and reduced competition in the remittance sector. Such practices undermine market integrity and can result in higher costs for consumers seeking to transfer money internationally.

The CCCS emphasised the importance of maintaining a competitive market environment, stating that the penalty serves as a warning to other firms engaging in similar activities. “The exchange of commercially sensitive information between competitors is a serious infringement of competition law,” the CCCS noted in its statement.

This enforcement action highlights the CCCS’s commitment to safeguarding consumer interests and promoting fair competition within Singapore’s financial services industry. The substantial fine reflects the severity of the infringement and the potential impact on the market.

Looking ahead, the CCCS is expected to continue its vigilant monitoring of the sector to prevent further violations and ensure compliance with competition laws. This case serves as a reminder to businesses of the importance of adhering to legal standards and the potential consequences of failing to do so.
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Singapore has emerged as the only city globally to secure a top-five position across three key indices in Multipolitan’s 2025 Global Wealth Report. The report, titled “The Taxed Generation,” highlights Singapore’s exceptional performance in tax efficiency, wealth preservation, and future readiness amidst a backdrop of rising tax scrutiny and global uncertainty.

The report evaluated 164 jurisdictions to determine where globally mobile families and investors can best preserve and grow their wealth. It assessed cities not only on tax rates but also on their ability to protect capital, manage long-term risks, and support strategic planning. Singapore’s consistent legal framework, clear policies, and commitment to climate-conscious growth were pivotal in its ranking.

Nirbhay Handa, CEO of Multipolitan, commented, “Singapore has become what new wealth is truly seeking: consistency in law, clarity in policy, credibility in vision and a commitment to climate-conscious growth. As other markets grow more reactive or fragmented, Singapore continues to show up with something that’s increasingly rare – predictability.”

This recognition underscores Singapore’s strategic positioning as a stable and attractive hub for wealth management, offering a reliable environment for investors amidst shifting global dynamics. As the only city to achieve this triple ranking, Singapore sets a benchmark for other cities aiming to attract and retain global wealth.
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Singapore’s services sector is projecting a positive business outlook for the second half of 2025, according to the latest Business Expectations Survey by the Singapore Department of Statistics. The survey, conducted from June to July 2025, reveals that 17% of firms are optimistic about the upcoming six months, whilst 15% expect conditions to worsen, resulting in a net weighted balance of 2% predicting favourable business conditions.

Within the sector, the Accommodation and Retail Trade industries are particularly upbeat, driven by anticipated boosts from concerts, sporting events, and the year-end festive season. These events are expected to increase tourism and hotel occupancy rates, as well as drive sales growth for retailers. The Recreational, Community, and Personal Services industry also shares this optimism, with health services and childcare providers expecting sustained demand.

Conversely, the Transportation and Storage industry faces challenges, particularly in water transport, due to geopolitical uncertainties and anticipated lower demand following the expiration of the US tariff pause. However, positive sentiments from air and land transport firms provide some balance. Similarly, the Finance and Insurance industry remains cautious amidst economic uncertainties, though payment processing firms are optimistic about rising transaction volumes due to eCommerce growth.

For the third quarter of 2025, a net weighted balance of 7% of firms in the services sector expects higher revenue. The Accommodation industry, buoyed by events like the Singapore Grand Prix, and the Wholesale Trade industry, particularly in computer-related products, foresee revenue growth. Employment prospects are also positive, with a net weighted balance of 9% of firms planning to increase hiring, especially in the Accommodation and Administrative & Support Services industries.
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MyRepublic has been officially recognised as the top fixed network provider in Asia by Ookla, renowned for its Speedtest service. The accolade is based on the Speedtest Connectivity Score, which evaluates network speed, streaming video experience, and web browsing experience. MyRepublic outperformed the top 10 fixed network providers in the region, highlighting its commitment to high-performance connectivity for both homes and businesses.

The Speedtest Connectivity Score, which determined the award, places significant emphasis on network speed performance (50%), with streaming video and web browsing experiences each contributing 25%. This comprehensive approach ensures that the results reflect a true user experience across various activities.

Lawrence Chan, Managing Director of MyRepublic Singapore, expressed pride in the achievement, stating, “Being named the #1 Best Fixed Network in Asia by Ookla is a tremendous honour and a reflection of the hard work of the MyRepublic team.” He emphasised the company’s dedication to pushing broadband boundaries and delivering exceptional connectivity.

This recognition underscores MyRepublic’s ongoing investment in innovation, speed, and reliability, consistently outperforming competitors in key areas such as download speed and latency. The award also highlights Singapore’s growing strength in digital infrastructure on the global stage.

MyRepublic, known for disrupting traditional broadband markets, continues to champion gamer-grade connectivity and tailored solutions for small and medium enterprises. This accolade marks a significant milestone in its mission to transform digital experiences across the Asia-Pacific region.
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Singapore has been ranked second globally in AI readiness, according to Salesforce’s Global AI Readiness Index released on 31 July 2025. This ranking underscores Singapore’s robust national AI strategy, which has been pivotal in driving AI transformation and ensuring long-term growth amidst a tight labour market. The study also reaffirms Singapore’s position as the most AI-ready nation in the Asia-Pacific region.

The index evaluates AI readiness across 16 global markets using 31 indicators spanning governance, diffusion, innovation, investment, and talent. Singapore excelled in several dimensions, ranking first in regulatory readiness and AI adoption, second in investment environments, and third in talent development. The country’s strong performance is attributed to its advanced digital infrastructure and a comprehensive national upskilling strategy.

Despite its achievements, Singapore’s capacity for AI innovation scored below the global average, highlighting an opportunity for further investment in emerging subfields such as agentic AI. Agentic AI, which can boost productivity by up to 30%, is seen as a potential growth engine for Singapore. Salesforce’s digital labour platform, Agentforce, allows organisations to deploy AI agents that operate autonomously, offering a solution to Singapore’s labour market challenges.

Brian Kealey, Country Leader of Salesforce Singapore, stated, “The Index highlights Singapore’s success as a global leader in AI readiness, stemming from early investments in infrastructure, regulatory frameworks, and human capital.” Salesforce has committed a $1 billion (US$1 billion) investment in Singapore to further AI research and talent development, aiming to enhance the nation’s AI capabilities.
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