Industry News

Orchard Road, Singapore’s premier retail and lifestyle hub, is celebrating the nation’s 60th anniversary with a series of SG60-themed deals and experiences. Visitors can enjoy discounts of up to 60% and creative offers centred around the number six, available at various malls, hotels, and restaurants along the famous street.

Shangri-La Singapore is offering a 60% discount on the third night’s stay, whilst Artyzen Singapore provides $60 dining credits for Deluxe Room bookings. Voco Orchard Singapore tempts diners with free-flow steak and pasta deals, and Singapore Marriott Tang Plaza Hotel offers local delights and beer promotions. Beyond discounts, some establishments are curating unique experiences. Café Quenino at Artyzen Singapore is hosting a six-month dining series, featuring local chefs and a bespoke cocktail series, to celebrate Singapore’s culinary diversity.

Shangri-La Singapore enhances its guests’ stay with complimentary tickets to the National Museum’s exhibition, “Once Upon a Tide: Singapore’s Journey from Settlement to Global City.” Pan Pacific Orchard offers a wellness experience with a 9D Breathwork Activation, led by local actor Paul Foster, and discounted brunch options.

Retailers are also participating, with discounts at TWG Tea and Poh Heng Jewellery. Metro offers beauty boxes and significant discounts on various products. Additionally, *SCAPE provides 60% off venue bookings, and orchardgateway offers complimentary parking with a minimum spend.

Mark Shaw, Chairman of the Orchard Road Business Association, expressed delight at Orchard Road’s role in celebrating Singapore’s milestones, emphasising its commitment to maintaining the area’s reputation as a premier destination. As Singapore marks this significant milestone, Orchard Road’s offerings promise to attract both locals and tourists alike.
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Singapore’s construction sector is poised for significant growth, with ready-mix concrete (RMC) demand expected to reach 18 million cubic metres by 2027, a 34% increase from 2024’s 13.4 million cubic metres. This surge is attributed to a peak in construction demand anticipated from 2026 onwards, as contracts awarded in the coming months translate into active projects.

The Building and Construction Authority (BCA) forecasts that 2025 will see RMC demand at the higher end of 12.0-14.5 million cubic metres. This aligns with the industry’s historical trend of higher RMC demand in the latter half of the year. Notably, the first five months of 2025 have already seen construction output rise by 9% year-on-year to $12.0b (S$16.4b), indicating robust activity in the sector.

Pan-United Corp Ltd (PANU) and Hong Leong Asia (HLA), key players in the concrete industry, are expected to benefit significantly. PANU, with a 40% market share in Singapore, is well-positioned due to its focus on infrastructure and institutional projects. HLA, with operations in both Singapore and Malaysia, stands to gain from the construction of several rail networks in Malaysia.

The sector’s outlook remains positive, with a well-stocked project pipeline and potential for earnings-accretive mergers and acquisitions. However, risks such as project delays due to bottlenecks in other construction services and work stoppages could pose challenges.

As the Singapore government continues to emphasise workplace safety, incorporating stringent criteria for public sector projects, the construction industry is set to navigate these demands whilst capitalising on the anticipated growth in RMC demand.
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Sharon Soh has been appointed as the Managing Director for Southeast Asia at Assembly, a global omnichannel media agency under Stagwell. Based in Singapore, Soh will report to Richard Brosgill, CEO of Assembly APAC, and is tasked with accelerating the agency’s growth and enhancing client success across the region. Her appointment aims to strengthen Assembly’s leadership in Southeast Asia, Greater China, and North Asia, whilst advancing its commitment to delivering top-tier brand performance.

Soh, a former executive at IPG Mediabrands, brings extensive experience in sectors such as FMCG, automotive, retail, and finance. Her expertise in strategic planning and business growth will be crucial in translating Assembly’s APAC strategy into tangible results for Southeast Asian clients. “Her leadership will drive tighter collaboration across markets,” said Brosgill, highlighting the importance of Soh’s role in merging global excellence with local insights.

Soh expressed enthusiasm for Assembly’s vision, stating, “Brands today need a partner who can expertly navigate the complexities of local markets whilst capitalising on opportunities to scale globally.” Her leadership is expected to foster better brand experiences and cultivate impactful partnerships across the region.

Assembly, known for its holistic approach that combines data, talent, and technology, continues to set new standards in the media agency sector. With over 2,300 professionals across 35 offices worldwide, the agency remains committed to social and environmental impact, aiming to revolutionise marketing through its innovative strategies. Soh’s appointment is effective immediately, marking a significant step in Assembly’s regional evolution.
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In a bid to kerb speculative activity in the property market, the Singapore government has announced changes to the sellers’ stamp duty (SSD) for private residential properties, effective from 4 July 2025. The holding period subject to SSD has been extended from three to four years, and the duty rates have been increased by four percentage points across all tiers, now ranging from 4% to 16%. These measures aim to discourage short-term property sales and speculative demand, according to government sources.

The changes mark a return to pre-2017 SSD levels, following a significant rise in property transactions with short holding periods and increased sub-sale activity. The Urban Redevelopment Authority’s property price index indicates that private home prices have surged by an average of 9.7% in the core and rest of the central region, and 19% outside the central region since the end of 2022. Despite this, sub-sales accounted for only 2.6% to 9.5% of total transactions from 2022 to 2024.

Whilst the impact on the residential market is expected to be limited due to the small percentage of sub-sale transactions, the policy revision could affect market sentiment. Upcoming project launches, such as The Robertson Opus and UPPERHOUSE at Orchard Boulevard, will be closely monitored for sales response.

The sector remains neutral, with expectations of a slower macroeconomic outlook and cautious buying sentiment. UOL Group is highlighted as a preferred sector pick due to its strong balance sheet and potential for value creation through acquisitions and asset enhancements.
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One Tax CM, a Singapore-based corporate service provider, is playing a crucial role in assisting foreign entrepreneurs in navigating the complexities of establishing a business presence in Singapore. With the introduction of new requirements under the Corporate Service Providers Act 2024, the firm is helping overseas founders understand and comply with local regulations, such as appointing a local director and opening corporate bank accounts.

Singapore’s Companies Act mandates that all registered companies have at least one locally resident director. For foreign founders, this often means arranging for a nominee director, a process that must be handled with care to ensure compliance with fiduciary duties. The Corporate Service Providers Act 2024 further stipulates that only registered corporate service providers (CSPs) can arrange nominee directors, who must be assessed as fit and proper individuals.

Lancaster Lee, co-founder and Managing Director of One Tax CM, highlighted the challenges foreign founders face: “Singapore is widely regarded as a stable, rules-based environment for business, but foreign founders often underestimate the administrative and regulatory steps required after incorporation.”

In addition to directorship requirements, foreign-owned entities must navigate tightened financial regulations when opening bank accounts. Enhanced due diligence by banks necessitates detailed documentation regarding the source of funds and business activities.

Beyond incorporation, companies must adhere to regulatory and tax compliance, including filing annual returns and potentially registering for Goods and Services Tax (GST). Singapore’s strategic position as a gateway to Southeast Asia makes it an attractive base for international companies, offering a multilingual workforce and a network of trade agreements.

Lee emphasised the importance of understanding the local context: “Foreign companies looking to expand into Asia often choose Singapore first. The country’s infrastructure and legal systems provide confidence, but founders still need to understand the local operating context.” One Tax CM offers tailored guidance to a diverse range of clients, including tech startups and multinational subsidiaries.
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In the competitive world of event production, Miki Hay, founder and managing director of HDFX Pte. Ltd., has built a formidable reputation for delivering the seemingly impossible. Launching her business during the 2008 financial crisis whilst pregnant, Miki’s journey is a testament to resilience and innovation in Singapore’s evolving events industry.

Miki’s career began after returning from her studies in Australia, diving into the events sector with ambition but no clear blueprint. She founded HDFX before marriage, at a time when opportunities for boutique agencies were scarce. Her passion for fast-paced multitasking and creativity laid the groundwork for a company that would become a trusted partner for both local and global brands.

The 2008 financial crisis posed significant challenges, with Miki pregnant and facing financial uncertainty. “I had no money. I was so afraid I couldn’t even afford to see a doctor or give birth safely,” she recalls. Despite these hardships, she persevered, keeping her business afloat.

A decade later, Miki faced another test when her second child was born prematurely. Balancing motherhood and business, she remained determined: “This company is also my baby. I had to find a way to keep both alive and thriving.”

Today, HDFX is recognised for its innovative, data-driven activations. Miki leads a team of eight, fostering creativity and ethical leadership. Looking forward, she aims to expand HDFX across Asia, embracing tech-enhanced experiences and launching CSR initiatives.

Miki’s story underscores the power of vision and perseverance, proving that enduring success requires more than just grit—it demands heart and the courage to keep going.
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COURTS Singapore, a leading retailer of electrical, IT, and furniture products, is celebrating Singapore’s 60th birthday with a series of promotions and events under the theme “Building Your Everyday the Singaporean Way.” The campaign, inspired by the SG60 theme “Building Our Singapore Together,” will run for 11 weeks leading up to National Day, offering exclusive deals and activities both in-store and online.

The SG60 campaign is centred around four key themes: “Tech Nation,” “Building Homes, Creating Memories,” “Celebrating Our Homes,” and “Togetherness.” These themes reflect COURTS’ commitment to supporting Singaporeans in building their dream homes with affordable products and trusted service. “COURTS has grown alongside the nation for 51 years,” the company stated, highlighting its role in helping generations of Singaporeans create lasting memories.

Customers can look forward to limited edition gifts, such as “Everyday Singaporeans’ Icon” stickers and enamel mugs, with minimum purchases. A social media contest, “Turn Your Home Stories into Lasting Memories This SG60,” invites participants to share their COURTS memories for a chance to win a Samsung Music Frame and a personalised illustration.

Additionally, iconic photobooths will be set up at COURTS stores, including the flagship store at The Heeren, where shoppers can capture moments with loved ones. The celebration will also feature 3D videos displayed at The Heeren’s façade.

COURTS’ SG60 campaign not only celebrates Singapore’s milestone but also reinforces the retailer’s dedication to providing competitive prices and innovative shopping experiences. As part of the festivities, COURTS will release 60 spotlight deals daily, counting down to Singapore’s 60th birthday.
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C-suite executives in Singapore are rapidly integrating artificial intelligence (AI) into their organisations, yet many lack the necessary governance frameworks to manage associated risks effectively. According to the 2025 EY Responsible AI Pulse survey, whilst 100% of Singaporean respondents have integrated AI into their initiatives, only 53% have moderate to strong controls to protect these systems from threats like unauthorised access and corruption.

The survey, conducted between March and April 2025, gathered insights from 975 C-suite leaders across 21 countries, including 30 from Singapore. It highlights a significant gap in risk awareness, with only half of the executives understanding the risks associated with emerging AI technologies such as agentic AI.

Manik Bhandari, EY Asean Artificial Intelligence and Data Leader, emphasised the need for operational grounding in AI ambitions. “True integration requires reengineering core business processes and redesigning functional roles,” he stated. Despite the Singapore government’s support through initiatives like the Enterprise Compute Initiative, Bhandari warns that organisations may overestimate their progress without proper alignment between business and technology leaders.

The survey also reveals that 67% of Singaporean executives believe their current approach to technology-related risks is insufficient for future AI challenges. Furthermore, whilst 90% plan to use agentic AI within the next two years, only 55% are familiar with its risks.

Bhandari added, “As organisations push to scale AI, governance must evolve in tandem. Without the right oversight, even well-intentioned AI deployments can lead to unintended consequences.” This underscores the urgent need for embedding clear accountability and control mechanisms to sustain AI’s long-term value.
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The Singapore Exchange (SGX) has reported a mixed outlook for its securities trading activities in the first half of 2025. Despite an initial peak in April, the securities daily average value (SDAV) has experienced a month-on-month decline. Analysts attribute the recent share price rally to investor confidence in Singapore as a safe haven, buoyed by optimism surrounding initial public offerings (IPOs) and anticipated benefits from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).

SGX’s valuation has been adjusted forward to the financial year 2026, with an increased price-to-earnings ratio of 23.5 times, up from 22 times. This adjustment reflects a 6% upside potential, with a target price of $11.70 (SGD16). However, much of the market optimism may already be factored into current valuations.

The recent analysis by Shekhar Jaiswal highlights the potential for growth in trading activity, although the decline in SDAV since April suggests caution. “The share price rally likely reflects investor rotation into Singapore as a safe haven,” Jaiswal noted, emphasising the role of MAS’s EQDP in driving market sentiment.

Looking ahead, the SGX’s performance will likely hinge on the successful implementation of MAS initiatives and the broader economic environment. Whilst the current outlook remains neutral, the potential for increased trading activity and IPO success could provide a boost to the exchange’s future performance.
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The International Swaps and Derivatives Association (ISDA) and Ant International have unveiled a report under the Monetary Authority of Singapore’s (MAS) Project Guardian, focusing on the use of tokenised bank liabilities and shared ledgers in foreign exchange (FX) settlement and cross-border payments. This initiative aims to enhance liquidity and efficiency in financial markets through asset tokenisation.

The report, developed by the Project Guardian FX industry group, outlines design principles for tokenised bank liabilities to standardise practices and enable interoperability. It also addresses key risks and mitigation strategies for shared ledger-based payments. Real-world use cases demonstrate the potential for faster and more secure cross-border transactions, potentially reducing settlement times to mere seconds.

Ant International’s blockchain-based Whale platform has been instrumental in developing a global treasury management use case for real-time multi-currency clearing and settlement. This innovation addresses the significant hurdles businesses face in cross-market payments, such as limited settlement windows and high transaction fees, which currently cost an estimated $120b annually.

Scott O’Malia, CEO of ISDA, emphasised the transformative potential of tokenisation in reducing costs and risks in FX settlements. Kelvin Li, General Manager of Platform Tech at Ant International, highlighted the company’s commitment to evolving their platform to support businesses of all sizes with the latest shared ledger technology.

The report is available on the MAS website, and ISDA, along with Ant International, plans to continue developing use cases to further integrate tokenised bank liabilities into existing banking systems, aiming to save businesses over $50b by 2030.
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