Industry News

Singapore Airlines (SIA) has successfully raised $3m through its SG60 SIA Cares 2025 fundraising campaign, aimed at supporting more than 1,600 children and youth with disabilities and developmental needs across Singapore. As part of the SG60 celebrations, SIA hosted its third SIA Cares Open House, which for the first time spanned two days, on 19 and 20 July.

The event welcomed nearly 900 guests, including youth-at-risk and individuals from disadvantaged backgrounds, along with their caregivers, from 33 social service agencies. The guests were given an exclusive tour of the SIA Training Centre, where they interacted with pilots, cabin crew, and engineers, and explored flight simulators and safety training facilities.

The Open House is part of the broader SIA Cares Around the World campaign, which involves over 1,000 SIA staff from 60 cities engaging in community activities. SIA CEO Goh Choon Phong expressed pride in the initiative, stating, “Opening our doors to almost 900 guests, and bringing them on an exclusive behind-the-scenes tour, allows us to engage and share the wonders of aviation with them.”

The campaign highlights SIA’s commitment to community support, with corporate partners joining the effort. The event also featured a heritage showcase and interactive installations celebrating Singapore’s nation-building journey. Participants enjoyed in-flight meals and various activities, underscoring SIA’s dedication to giving back to the communities that have supported the airline.
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Otto Place, the latest executive condominium (EC) project in Tengah, sold 59% of its units during its launch weekend, according to Huttons Asia CEO Mark Yip. This performance outstripped the sales of the nearby Novo Place, launched in November 2024, highlighting the high demand for housing in the area. Buyers are particularly drawn to Otto Place due to its proximity to two MRT stations and the highly sought-after Princess Elizabeth Primary School.

The project attracted a balanced mix of first-time and second-time buyers, with the latter making up 51.6% of the purchasers. The 30% quota for second-time buyers was quickly filled by 12:45 pm on the launch day. Many of these buyers had previously been unsuccessful in securing units in other EC projects, indicating a strong pent-up demand. Eligible second-time buyers will have another opportunity to purchase from 19 August.

Yip suggested that the Government should consider increasing the quota for second-time buyers to 50% to better support those looking to upgrade from HDB flats to ECs. The deferred payment scheme offered by Otto Place was popular, with around 75% of buyers opting for it. This scheme allows buyers to secure a unit whilst managing their finances during the construction period, particularly benefiting HDB upgraders who may still have outstanding loans.

Larger units, such as the 3-bedroom luxury and 4-bedroom options, were especially popular, with over 70% sold. These units appeal to HDB upgraders seeking more space and flexibility. Otto Place’s success underscores the strong demand for well-located ECs in Singapore’s West region.
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Tata Group has partnered with the People’s Association (PA) to launch the Tata-PA Youth Career Exploration & Mentorship Programme in Singapore. This initiative, unveiled on 19 July 2025 at Heartbeat @ Bedok, seeks to provide more than 60 youths aged 15 to 25 with career exploration opportunities and mentorship across various Tata Group companies. The programme aims to inspire future leaders by equipping them with practical skills and insights.

The three-month programme will involve company visits, role-based mentor-mentee matching, and shared learning experiences. Each participant will be paired with a mentor from Tata Group, offering tailored guidance based on their career aspirations. Girish Ramachandran, President of Growth Markets at Tata Consultancy Services (TCS), stated, “The Tata-PA Youth Career Exploration & Mentorship Programme embodies our shared commitment to nurturing young talent, fostering innovation and helping youths unlock their potential.”

The programme is part of the Alliance for Community Empowerment (ACE), a collaboration between TCS and PA, which aims to enhance digital fluency and preparedness among underprivileged communities in Singapore. Kia Siang Wei, Group Director (Partnership) at PA, expressed enthusiasm for the collaboration, highlighting its role in nurturing community participation and providing valuable career insights to youths.

This initiative underscores Tata Group’s commitment to supporting Singapore’s youth and aligns with the nation’s Smart Nation agenda, aiming to build a more resilient and future-ready workforce.
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China Medical System Holdings Limited (CMS) has marked its successful secondary listing on the Singapore Exchange (SGX) by hosting a high-profile forum in Singapore. The event, held on 15 July 2025 at CMS’s PharmaGend facility in Tuas, highlighted the company’s strategy to use Singapore as a regional hub to drive pharmaceutical innovation and expansion across emerging markets.

The forum attracted around 150 representatives from various sectors, including government agencies, pharmaceutical companies, and investment institutions. Discussions centred on the development of the pharmaceutical industry in Singapore and emerging markets, as well as the expansion of Chinese innovative drugs globally.

SGX’s Caihan Chia noted that CMS’s listing underscores the growing interest of Chinese companies in Singapore, driven by policy refinements and capital support. This move is expected to enhance CMS’s ability to connect with international investors and reinforce Singapore’s role as a capital hub.

Emerging markets such as Southeast Asia and the Middle East are becoming significant growth drivers for the pharmaceutical industry, with demand for medicines rising due to factors like ageing populations and increased health awareness. CMS aims to tap into these markets by building a dual hub strategy in China and Singapore, focusing on end-to-end innovation.

CMS Chairman Lam Kong outlined the company’s transformation strategy, which includes product innovation, commercial transformation, and international expansion. The company has developed a pipeline of nearly 40 innovative drugs and is expanding its presence in emerging markets through strategic partnerships and localised manufacturing capabilities.

With its strategic initiatives, CMS is poised to enhance its global value chain and unlock growth opportunities in emerging markets, setting a new paradigm for Chinese pharmaceutical companies expanding overseas.
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China International Capital Corporation Limited (CICC) successfully hosted the 3rd China–Southeast Asia Economic and Finance Forum on 15 July in Singapore. The event gathered nearly 300 government officials, institutional investors, and business leaders from across Asia to discuss macroeconomic trends and investment opportunities under the theme “The Great Rewiring: China–Southeast Asia Pivot in a Realigning Global Economy.”

The forum featured a keynote speech by Cao Zhongming, the Chinese Ambassador to Singapore, who highlighted China’s commitment to openness and cooperation, aiming to deepen ties with ASEAN countries. “China looks forward to working closely with ASEAN under the vision of amity, sincerity, mutual benefit, and inclusiveness,” he stated.

Liang Dongqing, a member of CICC’s Management Committee, noted that Southeast Asia is a preferred destination for A-share listed manufacturing companies, underscoring the region’s partnership with China. Stephen Ng, Head of CICC Southeast Asia and South Asia, remarked on the forum’s role in strengthening regional economic ties over the past three years.

Keynote speakers included Kai-Fu Lee, CEO of 01AI, who discussed the potential of generative AI as a productivity booster, and Bert Hofman from the National University of Singapore, who emphasised China’s investment in research and technology.

The forum’s discussions covered topics such as supply chain reconfiguration, investment trends, and AI’s global expansion. CICC aims to expand its network in Southeast Asia, enhancing cooperation and facilitating cross-border investment to support regional financial development.
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BYD, in collaboration with Sime Motors and Vantage Automotive Limited, has launched its first plug-in hybrid electric vehicle (PHEV) in Singapore, the BYD SEALION 6 DM-i. This new SUV marks a significant step in BYD’s strategy to cater to diverse driving needs, combining electric and hybrid capabilities to suit Singapore’s urban landscape.

The SEALION 6 DM-i is powered by BYD’s DM-i Super Hybrid system, featuring an 18.3 kWh Blade Battery and a 1.5L petrol engine. This setup allows for an electric-first driving experience with a range of up to 80 km on electric power alone, whilst offering a total system output of 217 kW and 300 Nm of torque. The vehicle’s fuel consumption is rated at 5.7 L/100 km, making it an efficient choice for drivers concerned about range and fuel economy.

James Ng, Managing Director of BYD Singapore and Philippines, highlighted the importance of this launch, stating, “The BYD SEALION 6 DM-i is our answer to the needs of drivers who face challenges such as charging access or range confidence.”

The SUV is designed with Singaporean drivers in mind, offering features such as a 15.6-inch infotainment display, adaptive cruise control, and a compact turning radius for navigating tight city spaces. It also includes a 10-year warranty on servicing and the Blade Battery, providing long-term value and peace of mind for owners.

Available at BYD showrooms across Singapore, the SEALION 6 DM-i is priced at $155,000 (S$212,888), including a guaranteed Certificate of Entitlement (COE). This launch represents BYD’s continued commitment to expanding its electrification journey in Singapore, aiming to make sustainable driving accessible to a broader audience.
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DBS has been awarded the prestigious ‘World’s Best Bank’ title at the Euromoney Awards for Excellence 2025, marking the third time since 2019 that the bank has received this top accolade. The Singapore-based bank also won the inaugural ‘World’s Best Bank for Customer Experience’ and ‘World’s Best Bank for Corporate Responsibility’ awards, underscoring its commitment to customer service and sustainable practices.

The recognition comes amid economic uncertainty and rapid technological change, with Euromoney’s Head of Banking, Dominic O’Neill, praising DBS for its “future-forward approach” and ability to leverage technology for value creation. In 2024, DBS achieved record financial results, with a total income of $16.3b (S$22.3b) and a net profit of $8.3b (S$11.4b). The bank’s return on equity was 18%, one of the highest among developed market banks.

DBS has been at the forefront of digital innovation, engaging over 13m customers with AI-powered personalised nudges to enhance financial decisions. The bank’s commitment to corporate responsibility is evident in its $65.1b (S$89b) sustainable financing commitments and its pledge of $731m (S$1b) and 1.5m volunteer hours to support low-income communities in Asia.

DBS CEO Tan Su Shan expressed gratitude for the awards, stating, “Innovation and purpose are integral to the DBS culture.” The bank’s accolades reflect its dedication to making banking simpler and more impactful for its customers and society. This latest recognition marks the eighth time DBS has been honoured for its global leadership.

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UpperHouse at Orchard Boulevard, a 99-year leasehold project in District 10, has reported robust sales during its private preview, with over 53% of its 301 units sold at an average price of $3,350 per square foot (psf). This marks the strongest take-up rate for a new project in the Core Central Region (CCR) since Watten House launched in November 2023, selling 57% of its 180 units.

The impressive sales performance of UpperHouse comes amidst another CCR launch, The Robertson Opus, which is also showing promising results. Kelvin Fong, CEO of PropNex, noted that the combined supply of new homes from UpperHouse and The Robertson Opus represents the largest influx of units in the CCR since the additional buyer’s stamp duty (ABSD) was tightened in April 2023.

The positive reception of these projects could stimulate further interest in the CCR market, with expectations for a rebound in developer sales by Q3 2025. Notably, the units sold at UpperHouse during the preview have already surpassed the total CCR new units sold in Q2 2025.

UpperHouse’s pricing is considered competitive, especially when compared to nearby developments. For instance, Park Nova’s new units averaged $6,150 psf, while Boulevard 88’s resale units were around $4,200 psf. Cuscaden Reserve’s resale units averaged over $3,100 psf in early 2025. The pricing at UpperHouse, particularly for one and two-bedroom units, aligns with the budget of many buyers, offering a compelling value proposition for luxury living near Orchard Road.

Located in a private residential enclave, UpperHouse benefits from excellent connectivity via the Orchard Boulevard MRT station and proximity to commercial amenities like Tanglin Mall and Orchard Road stores, enhancing convenience for future residents.
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UPPERHOUSE at Orchard Boulevard has achieved significant success, selling an estimated 53% of its units during its launch weekend. This makes it the best-selling project in the CCR for 2025, surpassing previous records set by The M in February 2020. The development’s unique location, with direct access to Orchard Boulevard MRT station, and its proximity to the Singapore Botanic Gardens and Orchard Road, have contributed to its appeal.

The project saw almost all of its three-bedroom units sold out, whilst about one-third of the four-bedroom units were purchased, indicating a strong demand from owner-occupiers. Mark Yip, CEO of Huttons Asia, noted that selling over half of the units in a CCR project is an excellent result, highlighting the resilient demand for prime homes in Singapore’s property market.

The narrowing price gap between new homes in the CCR and the Rest of Central Region (RCR) has also played a role in attracting buyers. The gap has decreased from 56.5% in 2018 to just 1.9% in the first half of 2025, suggesting potential for price growth in the CCR. Additionally, recent economic data showing a 4.2% year-on-year growth in the first half of 2025 and a dip in the 3-month SORA rates below 2.0% have boosted buyer confidence by lowering borrowing costs.

Overall, the success of UPPERHOUSE at Orchard Boulevard underscores the strong fundamentals of Singapore’s property market and the continued interest in prime CCR homes.
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UPPERHOUSE at Orchard Boulevard, a luxury residential development by UOL Group Limited, has seen significant interest during its private preview, with over 53% of units sold. The development’s strategic location in the Orchard Road precinct and its appealing attributes have attracted both owner-occupiers and investors, according to UOL’s Chief Corporate & Development Officer, Yvonne Tan.

The development’s success is attributed to its prime location and the narrowing price gap between the Core Central Region (CCR) and Rest of Central Region (RCR), as well as the attractive price differential between freehold and leasehold high-end luxury properties. Tan stated, “The strong take-up at UPPERHOUSE at Orchard Boulevard’s private preview reflects buyers’ confidence in its location in the Orchard Road precinct.”

Anson Lim, Senior General Manager (Residential Marketing) at UOL, noted that the development’s appeal is further reinforced by its direct MRT access, efficient layouts, and competitive pricing. “A strong visitorship over the last two preview weekends has resulted in a healthy take-up across all unit types,” Lim said, highlighting that a high floor unit in the Bespoke Collection was sold for approximately $7.66m.

The development’s success underscores the continued demand for luxury properties in Singapore’s prime districts, with almost all buyers being Singaporeans and permanent residents. As the Orchard Road precinct continues to rejuvenate, UPPERHOUSE at Orchard Boulevard is poised to remain a sought-after address for discerning buyers.
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