Industry News

The Federal Reserve is anticipated to implement two interest rate cuts in the fourth quarter of 2025, following signs of mild inflation and a weakening job market. This development is expected to benefit Singapore’s Real Estate Investment Trusts (REITs), which remain resilient due to their stable cash flows and long lease tenures.

Core inflation rates have shown stability, with the Core Consumer Price Index (CPI) excluding food and energy prices holding at 2.8% year-on-year in May 2025. Similarly, the Core Personal Consumption Expenditures (PCE) inflation was mild at 2.5% year-on-year in April 2025. Despite the negative impact of reciprocal tariffs, inflation has remained tame, with prices for apparel and new vehicles falling slightly.

The job market has shown nascent signs of weakness, with the unemployment rate rising modestly to 4.2% in May 2025. Hiring rates have decreased, and layoffs have increased significantly due to uncertainties caused by tariffs. This has led to calls for lower interest rates, with Fed officials suggesting potential rate cuts as early as July.

Singapore’s REITs are seen as a defensive investment, benefiting from the country’s low reciprocal tariff of 10%. Analysts have raised target prices for several S-REITs, including CapLand Int Comm Trust (CICT) and Frasers Centrepoint Trust (FCT), due to anticipated lower interest rates. The sector’s resilience is further supported by its negative correlation with major indices like the S&P 500, indicating potential gains even amidst broader market declines.

As global growth faces headwinds from military conflicts and trade uncertainties, the expected easing of interest rates could provide a boost to S-REITs, making them an attractive option for investors seeking stability and potential returns.
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IFS Asset Management (IFSAM), part of the PhillipCapital Group, has unveiled its second private credit fund aimed at bolstering small and medium enterprises (SMEs) in Singapore and the wider region. The fund, anchored by IFS Capital Limited, focuses on senior secured lending backed by real estate, offering accredited and institutional investors access to stable income and capital preservation.

The initiative seeks to address the persistent funding gap faced by creditworthy SMEs that are often overlooked by traditional financial institutions. Charis Liau, Chief Investment Officer of IFSAM, noted, “Private credit has traditionally been an opaque and difficult-to-access asset class. We’re now seeing it evolve from niche to a core component in diversified portfolios.”

The Asia-Pacific private credit market remains significantly underpenetrated, presenting strong growth potential. Non-bank lending constitutes less than 15% of Asia’s $58 trillion credit market, compared to over 60% in the US. Moreover, the SME sector, which makes up 98% of businesses in Asia, continues to grapple with a $2.5 trillion financing gap.

Randy Sim, Group CEO of IFS Capital Limited, emphasised the fund’s mission to mobilise private capital for SME growth and resilience, stating, “The fund advances this mission by mobilising new sources of private capital to support the growth and resilience of SME businesses, not just in good times, but throughout business cycles.”

Globally, private credit is gaining traction, with assets under management projected to reach $2.6 trillion by 2029. In Singapore, the demand for SME financing remains robust, with private credit strategies offering attractive risk-adjusted returns and portfolio diversification.
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Microsoft has announced the launch of pre-orders for its latest Surface Pro, 12-inch, and Surface Laptop, 13-inch models in Singapore. These new additions to the AI-powered Copilot+ PC family are available for reservation from 1 July, ahead of their general release on 15 July 2025. The devices, built on the Snapdragon X Plus processor, promise enhanced productivity, long battery life, and sleek portability, starting at $880 (S$1,199).

The Surface Laptop, 13-inch, is the thinnest and lightest in its series, boasting a 50% performance boost over its predecessor, the Surface Laptop 5. It offers up to 23 hours of video playback and features a vibrant full HD touchscreen. The Surface Pro, 12-inch, maintains its versatile 2-in-1 design, with a detachable keyboard and a lightweight build of 680 grammes. Both devices incorporate sustainability-led designs, using recycled materials in their construction.

Paige Shi, Channel Sales Leader at Microsoft Asia, stated, “The new Surface Laptop, 13-inch and Surface Pro, 12-inch are our smartest, fastest, and most portable devices yet. Designed for those who value performance and flexibility, they deliver all-day battery life, built-in AI experiences, and inclusive features that adapt to how people live, learn, and work.”

Pre-order promotions include a complimentary Surface Pro Keyboard with the Surface Pro and a Surface Arc Mouse with the Surface Laptop. These offers are valid from 1–14 July 2025, whilst stocks last. The devices are available through the Microsoft Official Store and authorised retailers such as Harvey Norman and Best Denki.
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Moneythor, a Singapore-based personalisation platform for banks, has unveiled its AI Suite designed to enhance customer engagement through ‘Deep Banking’. This new platform enables banks to deliver highly personalised and proactive experiences, akin to popular technology and media apps, by leveraging AI capabilities. The suite is already being utilised by regional leaders such as DBS, Trust Bank, and Standard Chartered.

The AI Suite addresses a significant challenge in the banking sector—differentiating services in a market where the average consumer holds multiple bank accounts. According to Martin Frick, CEO of Moneythor, the suite’s AI capabilities are essential for delivering hyper-personalised and anticipatory banking experiences. “Specific, built-for-purpose AI is fundamental to the delivery of deep banking experiences,” he stated.

The suite allows banks to intuitively develop and adapt personalised customer content in real-time by integrating with Large Language Models (LLM), without the need for separate training. This innovation is expected to reduce customer churn and increase engagement, addressing the issue that 15% of newly opened accounts remain dormant after three months.

Moneythor’s AI suite is seen as a vital tool for banks in Singapore, where maintaining customer engagement is crucial due to the prevalence of multiple bank accounts per individual. The launch of this suite is a strategic move to transform customer experiences into more engaging and familiar formats, akin to consumer or lifestyle apps. As customer expectations continue to rise, Moneythor’s AI suite offers a timely solution to meet these demands.
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UniFuels Holdings Limited, a global provider of marine fuel solutions headquartered in Singapore, has announced the opening of a new office in Shanghai. This move is part of the company’s strategic expansion across Asia, following the establishment of an office in Dubai in April. The Shanghai office, located in Lujiazui, positions UniFuels to meet the increasing demand for sustainable marine fuel solutions in the region.

Shanghai, home to the world’s busiest container port, is a crucial maritime hub. Alan Tan, Senior Vice President Commercial of UniFuels, highlighted the company’s commitment to being present where its customers and suppliers operate. “With this new office, we walk the talk of putting our customers first by leveraging expertise, enhanced operational reach, and greater service responsiveness to better serve them,” he stated.

The local team in Shanghai is equipped with a deep understanding of the Asian market, allowing UniFuels to respond swiftly to customer needs and market dynamics. The proximity to suppliers facilitates quicker problem-solving and supports regional sourcing strategies, enhancing supply chain resilience. Customers can expect an expanded range of customer-centric solutions, improved operational support, and a broader supply network.

UniFuels’ presence in Shanghai also provides access to real-time intelligence on fuel supply dynamics, regulatory changes, and emerging demand trends, essential for efficient fuel procurement. As part of its ongoing expansion plan, UniFuels is strengthening regional partnerships and access in key marine fuel hubs, aiming to shape sustainable bunkering solutions for the maritime sector.
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Kumiai Navigation, a Japanese shipowner based in Singapore, has secured financing from the Development Bank of Japan (DBJ) for its LPG dual-fuel carrier, CRYSTAL ODYSSEY, under the Zero-Emission Accelerating Ship Finance programme. The initiative, jointly operated by DBJ and ClassNK, aims to support the maritime industry’s transition to decarbonisation by evaluating ships on their environmental performance and innovation.

The CRYSTAL ODYSSEY, built by Kawasaki Heavy Industries, is designed to reduce carbon dioxide emissions by approximately 15% compared to conventional fuel oil. It is also equipped to use ammonia fuel in the future, making it an ‘ammonia-fuel-ready ship’. The vessel’s compliance with the International Maritime Organisation’s (IMO) Tier III NOx and SOx regulations is ensured through the installation of an exhaust gas recirculation system and a selective catalytic reduction system.

ClassNK’s evaluation awarded the vessel an ‘S’ rating, the highest in the programme, recognising its exceptional decarbonisation and environmental performance. This rating acknowledges the significant investments made by Kumiai Navigation in environmentally friendly technologies.

The programme’s expansion is part of DBJ and ClassNK’s broader efforts to accelerate the maritime industry’s shift towards sustainable practices. By providing financial and evaluative support, they aim to facilitate the adoption of low- and zero-emission technologies across the sector.
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Ogier Global has announced the appointment of Samantha Fu as director in its Singapore office, enhancing its corporate governance capabilities for offshore investment funds. Samantha, an expert in governance solutions, will oversee a wide range of funds including hedge funds, private equity funds, and segregated portfolio companies. Her appointment is expected to bolster Ogier Global’s presence in the region.

Samantha’s career spans roles as an independent fund director with global professional services firms, providing governance solutions in the Cayman Islands, British Virgin Islands, and Singapore. She began her career in portfolio management for ultra-high net worth clients and was a founding team member at a private equity firm, focusing on investment strategy and regulatory licensing.

Holding an MBA and a Bachelor of Science in Economics, Samantha is a certified fund director and a member of several professional associations, including the Singapore Institute of Directors and 100 Women in Finance. Her expertise covers corporate services, investment funds, and private wealth governance.

Tervinder Chal, Managing Director of Ogier Global in Singapore, expressed enthusiasm about the appointment: “Samantha is a well-qualified and talented addition to the Ogier Global team, and we’re pleased to welcome her. I look forward to seeing Ogier Global continue to excel and grow in the region with the addition of her expertise.”

Ogier Global’s Singapore team operates independently from Ogier’s law firm, collaborating with professional services firms and legal advisers across industries such as investment funds, private wealth, and corporate law.
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Tiger Beer is celebrating Singapore’s 60th birthday with an exciting collaboration with MONOPOLY, offering Singaporeans a chance to win substantial prizes. From 1 July to 5 October, the Tiger SG60 MONOPOLY PLAY, SIP, WIN promotion will allow participants to collect Property Cards by enjoying Tiger Beer at participating merchants across the island. Collecting all properties of a single colour could lead to winning prizes totalling $600,000, including gold bars, cruise credits, and even a car.

The promotion is part of Tiger’s new local platform, ‘Our Roar, Our Way’, which celebrates the unique spirit of Singaporeans. Gerald Yeo, Marketing Director of Asia Pacific Breweries Singapore, stated, “As we mark 60 years of Singapore, we wanted to celebrate the unapologetic ways Singaporeans live. This collaboration with MONOPOLY brings that to life in a fun and familiar way.”

The festivities kick off with the ‘Our Roar, Our Way’ Lorry visiting Bugis+ on 3 July and New Bahru on 5 July, offering free beer, sorbet, and interactive games. Participants can also score a bonus Tiger MONOPOLY Digital Property Card by signing up onsite.

The promotion features both digital and physical gameplay options. Digital participants can upload receipts from Tiger Beer purchases to receive Property Cards, whilst physical cards are available at coffee shops. Prizes include a BYD Seal Dynamic, a luxury watch, and more.

For more details on the promotion and upcoming events, visit tigerbeersg60.com.
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Private home prices in Singapore saw a modest increase of 0.5% in the second quarter of 2025, according to flash estimates from the Urban Redevelopment Authority (URA). This represents a slowdown from the 0.8% growth recorded in the first quarter. The deceleration is largely attributed to smaller price increments for non-landed properties, which rose by 0.5%, compared to a 1.0% gain in the previous quarter. In contrast, landed property prices increased slightly faster at 0.7%, up from 0.4%.

The overall price slowdown is also linked to a 1.1% price drop in the city fringe, or Rest of Central Region (RCR), following a 1.7% rise in Q1 2025. A significant decline in sales transactions, particularly in the primary market, contributed to this trend. New launches fell sharply from 3,139 units in Q1 to fewer than 2,000 units in Q2, impacting overall price growth as new homes typically command higher prices.

Christine Sun, Chief Researcher and Strategist at Realion Group, noted that the proportion of new sale transactions dropped from 46.1% in Q1 to 26.5% in Q2, whilst resale transactions rose from 49.8% to 69.1%. The cautious consumer sentiment, influenced by macroeconomic uncertainties and geopolitical tensions, further dampened market activity.

Looking ahead, the market remains cautious due to ongoing global trade tensions and Middle East conflicts. However, the public housing market continues to support the property sector with positive price growth. Additionally, declining interest rates, as indicated by the Monetary Authority of Singapore, are expected to improve affordability, creating a more favourable environment for first-time buyers and investors.
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Singapore’s property market has demonstrated resilience in the face of global trade tensions, with prices stabilising and increasing by 0.5% in the second quarter (Q2) of 2025. This comes after the US imposed a 10% tariff on almost every country, including Singapore, in April 2025, causing concerns over the export-oriented economy. According to Mark Yip, CEO of Huttons Asia, whilst some buyers hesitated, the market’s upper tier saw increased activity, with over 10 transactions for Good Class Bungalows valued at more than $300 million.

Transaction volumes, however, dipped by over 40% quarter-on-quarter to 4,267 units in Q2 2025, marking a 13.2% year-on-year decline. Despite this, the luxury segment remained robust, with projects like 21 Anderson achieving significant sales. The ultra-luxury project sold five units, with one fetching $5,347 per square foot, reflecting confidence in Singapore’s status as a safe haven.

In terms of new launches, approximately 1,400 units were introduced in Q2 2025, a 55.4% decrease from the previous quarter but more than double the number from Q2 2024. Notable projects included Arina East Residences and One Marina Gardens, which sold nine and 462 units, respectively.

Looking ahead, the swift conclusion of a trade framework between China and the US is expected to bolster market confidence. Huttons Data Analytics predicts that developers may sell between 7,500 and 8,500 units in 2025, with prices potentially rising by 4% to 7%. The upcoming months will see the launch of 16 projects, including an Executive Condominium, with more than 7,800 units expected to hit the market.
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