Industry News

Flagship Pioneering, a bioplatform innovation company, has joined forces with the Yong Loo Lin School of Medicine at the National University of Singapore (NUS Medicine), National University Hospital (NUH), and the National University Health System (NUHS) to advance research and development in human health and sustainability. This collaboration, formalised through a Memorandum of Understanding signed this week, will focus on creating and co-developing research projects over the next five years.

The partnership will leverage Flagship’s ecosystem of over 40 companies, alongside future ventures, to foster innovation. It will also provide career development opportunities for NUS Medicine scientists and students through secondments, internships, and participation in the Flagship Fellowship programme. Additionally, Flagship will utilise clinical data from NUH and NUHS to gain new biological insights and test clinical hypotheses.

André Andonian, Chair of Asia Pacific and Strategic Adviser at Flagship Pioneering, stated, “Our collaboration with NUS Medicine, NUH, and NUHS will help us realise our goal to expand the global reach and impact of Flagship and its companies and serve as an anchor in Singapore and throughout Asia Pacific for globally connected life science innovation.”

Professor Chong Yap Seng, Dean of NUS Medicine, highlighted the potential of this partnership to drive innovation and bridge the gap between discovery and patient care, ultimately benefiting patients and communities worldwide.

This collaboration is expected to significantly contribute to Singapore’s biotech ecosystem, potentially leading to breakthroughs that impact both patients and the planet.
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Aster Chemicals and Energy has announced the acquisition of Chevron Phillips Singapore Chemicals Pte Ltd (CPSC), a joint venture involving Chevron Phillips Chemical, EDB Investments, and Sumitomo Chemical Company.

The acquisition, facilitated through Aster’s affiliate Chandra Asri Capital, includes a polyethylene manufacturing facility on Singapore’s Jurong Island with an annual production capacity of 400 KTA.

The unanimous agreement from CPSC’s shareholders underscores their confidence in Aster’s strategic vision. This acquisition is set to enhance Aster’s value chain and support its growth objectives. Aster’s existing infrastructure includes a refinery with a capacity of 237,000 barrels per day and a 1.1 million metric tonne ethylene cracker on Bukom Island, alongside downstream chemical assets on Jurong Island.

Erwin Ciputra, Group CEO of Aster, remarked, “This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers. CPSC’s manufacturing operations will enhance our ecosystem and advance opportunities for innovation and new collaboration.”

The transaction is pending customary closing conditions. Once completed, CPSC will integrate into the Aster group, further solidifying Aster’s position as a leading chemical and infrastructure player in Southeast Asia. This move is expected to create new opportunities for collaboration and innovation within the industry.
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Citi and SDX have announced a groundbreaking partnership aimed at transforming access to private market assets for global issuers and investors. Expected to launch in the third quarter of 2025, the collaboration will see Citi join SDX as a custodian and tokenisation agent, leveraging SDX’s digital Central Securities Depositary (CSD) platform to tokenise, settle, and safeguard assets.

The initiative, revealed at the Point Zero Forum in Switzerland, seeks to address the complexities of traditional private markets. By making shares in high-growth, venture-backed private companies more accessible, the partnership aims to simplify liquidity management for early investors and employees whilst maintaining control over cap tables. David Newns, Head of SDX, highlighted the project’s significance, stating, “This initiative will distinguish itself in the industry by using SDX’s regulated blockchain-based technology.”

Citi’s involvement will enable the distribution of late-stage pre-IPO equities to institutional and eligible investors on the SDX platform. Marni McManus, Citi Country Officer and Head of Banking for Switzerland, Monaco, and Liechtenstein, noted that Switzerland’s regulatory framework and SDX’s infrastructure are pivotal in bringing this innovative solution to market.

The collaboration also supports the development of the Swiss digital asset ecosystem, with global digital asset banking group Sygnum and Singapore-based SBI Digital Markets facilitating access to the equities in Europe and Asia. Ryan Marsh, Head of Innovation and Strategic Partnerships at Citi, emphasised the importance of meeting client demand for digital asset ecosystems, stating, “As tokenisation scales, we are meeting client demand for access to emerging and relevant digital asset ecosystems and investments.”

This partnership marks a significant step in the digitisation of private markets, promising to streamline what has traditionally been a manual and paper-driven industry.
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Demand for new homes in Singapore remained strong in the first quarter of 2025, with prime residential sales reaching a year high, according to a report by OrangeTee.

The number of new private home sales in the Core Central Region (CCR) rose to 192 transactions, marking a 40.1% increase quarter-on-quarter and an 81.1% rise year-on-year.

Private home prices continued to climb for the second consecutive quarter, although at a slower pace.

The Urban Redevelopment Authority’s property price index showed a modest increase of 0.8% in Q1 2025, down from the 2.3% growth in the previous quarter.

This slower growth was attributed to smaller price increments for non-landed properties and an increased market share of suburban homes, which are typically sold at lower prices.

The resale market, however, experienced a decline, with volumes dropping by 3.7% from 3,702 units in Q4 2024 to 3,565 units in Q1 2025.

This was due to heightened competition from the primary market. Despite this, the number of high-end transactions above S$10m increased from 13 units to 17 units over the same period.

Looking ahead, trade tensions and an unpredictable economic landscape may prompt potential homebuyers to adopt a cautious approach. However, the Government Land Sales programme is set to increase the housing supply, with private residential units and executive condominium completions projected to rise from 7,968 units in 2026 to 12,392 units in 2028. This increase in supply is expected to moderate any substantial rise in home prices in the coming years.
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Knight Frank Singapore has announced the sale of two freehold properties located at 47 Lorong 4 Geylang and 4 & 6 Lorong 12 Geylang through an Expression of Interest (EOI) exercise. These properties, zoned as “Commercial / Institution” under the Urban Redevelopment Authority’s Master Plan 2019, provide flexible redevelopment opportunities for various uses, including offices and community facilities, subject to approval.

The properties are strategically positioned near Kallang MRT station and are well-connected to major expressways, making them accessible to the Central Business District and Orchard Road. The site at 47 Lorong 4 Geylang spans 2,046 sq ft with a 3-storey walk-up flat, whilst the combined site at 4 & 6 Lorong 12 Geylang covers 3,659 sq ft and includes a 2-storey building with an attic.

Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore, highlighted the potential for growth in the area, stating, “The future injection of over a thousand new homes directly across the street from 47 Lorong 4 Geylang is set to significantly expand the residential population in the area, which will in turn boost footfall and strengthen demand for community-serving uses.”

The EOI exercise, which closes on 10 June 2025, invites offers for the properties individually or collectively, with guide prices set at $4.8m for 47 Lorong 4 Geylang and $9.5m for 4 & 6 Lorong 12 Geylang. The properties are to be sold with vacant possession, offering a unique opportunity for investors to capitalise on the area’s ongoing transformation.
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In April 2025, the Housing Development Board (HDB) resale market saw a record 141 flats sold for at least $1,000,000 (S$1,000,000), according to the latest 99-SRX Media Flash Report.

This surge in high-value transactions coincided with a 0.7% increase in overall resale prices compared to March, marking a 9.3% rise from April 2024.

The increase in million-dollar flat sales is attributed to a mix of short-term and structural factors. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that potential policy changes and economic uncertainties, such as the upcoming general election, might have prompted buyers to secure purchases sooner. Additionally, high new launch prices are driving some households towards larger, more affordable HDB flats.

Executive flats experienced the most significant month-on-month price growth at 3.5%, whilst 3-room and 4-room flats saw increases of 1% and 0.6%, respectively. The highest resale price recorded was $1,490,000 (S$1,490,000) for a 5-room flat in Lor 1A Toa Payoh.

Despite the strong demand, the year-on-year resale volume decreased by 3.3%, with 2,309 flats transacted in April. Non-Mature Estates accounted for 59.7% of these transactions. The report suggests that the current surge in demand and prices may not be sustainable, as market activity could moderate with future economic stability or policy changes.
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Saab Australia and ST Engineering have announced a new partnership to provide deployable health solutions for combat field hospitals across the Asia Pacific region. This collaboration aims to deliver scalable and adaptable health support systems for various operations, including armed conflict, humanitarian aid, and peacekeeping missions.

The agreement builds on a long-standing relationship between the two companies, enhancing their commitment to exploring mutual market opportunities. Andy Keough, Managing Director of Saab Australia, highlighted the partnership’s potential, stating, “This partnership brings together our complementary strengths to deliver a world-class capability that ensures defence personnel can train and operate with confidence, wherever they are deployed.”

The collaboration leverages Saab’s proven experience in delivering deployable health capabilities, which have been successfully implemented for the Australian Defence Force and other global defence forces. ST Engineering’s expertise in unmanned integrated systems and automation complements Saab’s strengths, paving the way for innovative health solutions crucial for combat field hospitals.

Goh Ming Joo, General Manager of Unmanned & Integrated Systems at ST Engineering, emphasised the importance of the agreement, saying, “This teaming agreement leverages our expertise in unmanned integrated systems and automation alongside Saab’s complementary strength to pave the way for cutting-edge health solutions crucial for combat field hospitals.”

The partnership is expected to significantly impact military, humanitarian, and disaster scenarios by providing rapid response capabilities, reducing treatment times, and improving survival rates. This initiative marks a significant step in addressing the evolving defence health needs across the region.
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ST Engineering has announced a significant increase in its order wins for the first quarter of 2025, marking a 48% rise compared to the same period last year and a 7% increase from the previous quarter. This robust performance has led analysts to reiterate a “buy” recommendation and raise the target price to S$8.30, reflecting an 11% upside potential and a yield of approximately 2%.

The company’s joint venture with Airbus, Elbe Flugzeugwerke, has entered into a partnership with Confity Capital Partners to supply multiple Airbus A330 passenger-to-freighter aircraft to India. This strategic move is expected to bolster ST Engineering’s long-term earnings, aligning with its growth targets for the 2024–2029 period.

The upward revision of the target price is attributed to the ongoing momentum in order wins and the potential for further earnings growth. Analyst Shekhar Jaiswal noted, “We raise our forward target multiples to capture the ongoing strong order wins momentum and the upside risks to our longer-term earnings estimates.”

This development underscores ST Engineering’s strategic positioning in the aerospace sector and its ability to capitalise on emerging market opportunities. As the company continues to expand its footprint, the increased target price reflects confidence in its future growth trajectory.

Looking ahead, ST Engineering’s focus on innovation and strategic partnerships is expected to drive further success, positioning the company as a key player in the global aerospace market.
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Singapore-headquartered TDCX, a prominent business process outsourcing (BPO) company, has maintained its position as the leading Southeast Asian outsourced customer experience (CX) provider, according to the Outsource Accelerator (OA) 500 Index for 2025. The firm has also improved its global standing, moving up to 17th place in the rankings, which assess over 3,200 BPO companies worldwide.

The OA500 Index evaluates firms based on their global network strength and commitment to excellence, considering factors such as geographic footprint, online prominence, and reputation. TDCX’s rise in the rankings highlights its dedication to delivering exceptional CX services, a commitment underscored by its recent acquisition of Open Access BPO and the expansion of its AI-driven solutions.

Angie Tay, Group Chief Operating Officer of TDCX, emphasised the importance of customer experience in today’s volatile business environment. “Customer experience is one of the most powerful trust builders for brands. When done well, it strengthens relationships, drives loyalty, and enhances customer lifetime value,” she said.

TDCX has also launched an AI enablement programme for its customer experience agents, in collaboration with Google Cloud Skills Boost. This initiative aims to equip agents with skills in machine learning, natural language processing, and AI ethics, granting them professional certification and aligning with TDCX’s goal of cultivating a future-ready workforce.

Derek Gallimore, Founder and CEO of Outsource Accelerator, praised TDCX for its ability to blend technological innovation with human expertise, setting a “gold standard in outsourcing” that modern enterprises rely on.

With over 20,000 employees across 39 locations worldwide, TDCX continues to provide comprehensive coverage in Asia, Europe, and the United States, supporting industries such as digital advertising, e-commerce, and fintech.
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Primer, a leader in global payments infrastructure, has officially incorporated in Singapore following a remarkable 239% year-on-year increase in payment volume in the Asia Pacific region. This strategic move aims to bolster its presence in its fastest-growing market and disrupt the fragmented payments landscape dominated by local players.

The company’s founder and CEO, Gabriel Le Roux, highlighted the importance of the Asia Pacific region, stating, “APAC is our fastest growing region globally. Highly fragmented and dominated by local players, the payments landscape is in need of disruption.” Primer’s unique position in the ecosystem, designed to be agnostic and global, allows it to redefine how payments are accepted and managed.

Over the past year, Primer’s growth has been supported by partnerships with major regional players such as Pelago by Singapore Airlines, HappyEasyGo, and Banxa. Additionally, the company expanded its integration portfolio with 17 new partners, including J.P. Morgan Chase and Airwallex.

Looking ahead, Primer anticipates strong adoption of its open infrastructure in China, driven by interest from sectors like gaming and travel. The company plans to leverage local integrations and strategic partnerships to empower Chinese merchants to scale into new markets.

Operating remotely across 30 markets, Primer’s incorporation in Singapore will facilitate access to the city’s skilled talent pool. Caitriona Staunton, VP of People, noted, “Singapore offers a unique mix of skilled, globally connected talent.”

In response to growing interest from startups, Primer launched “Primer for Growth,” offering startups access to its full suite of products, including a year of complimentary access to its intelligence suite. This initiative aims to empower startups with tools previously reserved for global enterprises.
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