Industry News

The Urban Redevelopment Authority has announced the results of the government land sales (GLS) tender for the Holland Link site, located in the Core Central Region (CCR). The tender attracted five bids, with Sim Lian Group emerging as the top bidder, offering $368.4 million, equating to a land rate of $1,432 per square foot per plot ratio (psf ppr). This bid was 22% higher than the next highest bid from Wee Hur Development and 56% above the lowest bid from Sustained Land.

The Holland Link site, which can potentially yield 230 private residential units, is situated near the prestigious Brizay Park and Garlick Avenue good class bungalow areas. Despite not being close to an MRT station, the site’s appeal is bolstered by its proximity to popular schools such as Methodist Girls’ School and Henry Park Primary School, as well as its location near exclusive neighbourhoods.

Wong Siew Ying, Head of Research and Content at PropNex, noted that the tender outcome exceeded expectations, likely due to a recent recovery in CCR new home sales, which has boosted developers’ confidence. The top bid land rate aligns with other CCR sites awarded this year, such as Dunearn Road and River Valley Green, which fetched similar rates.

This is the first GLS residential site offered in the upcoming Holland Plain neighbourhood, potentially providing a first-mover advantage to Sim Lian Group. The demand for private homes in the CCR has rebounded, with a narrowing price gap between new CCR homes and those in the Rest of Central Region (RCR). The average selling price for the future Holland Link project is estimated to be above $2,900 psf, reflecting continued interest in CCR properties.
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Grab Holdings is positioning itself as a leader in the autonomous vehicle (AV) sector, with significant potential savings and strategic partnerships. According to a report by Maybank IBG Research, Grab’s early adoption of AV technology could reduce costs in Singapore to $0.52 per mile by 2030, compared to the rising driver costs of $0.85 per mile. This shift could result in approximately $71 million in annual savings and a 7% net present value (NPV) upside if 20% of its Singapore fleet transitions to driverless vehicles.

Grab’s strategic alliances with companies like A2Z, Motional, and WeRide, along with its Grab Rentals operations, position it as both a technology and fleet enabler. The company’s proactive approach in the AV sector is seen as a significant advantage, particularly in Singapore, where the cost benefits of AVs are more pronounced compared to other regions in Southeast Asia.

Hussaini Saifee, an analyst at Maybank, maintains a “Buy” recommendation for Grab, citing its potential to capitalise on the AV trend. However, the report notes that in emerging ASEAN markets, AVs may remain economically unviable in the medium term.

In conclusion, Grab’s strategic investments and partnerships in the AV sector are expected to drive significant cost savings and enhance its market position, particularly in Singapore. As the company continues to innovate, it is well-placed to benefit from the growing trend towards autonomy in transportation.
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CapitaLand China Trust (CLCT) has announced a net property income (NPI) of RMB580.3 million for the first half of 2025, reflecting a decrease due to reduced gross revenue. This decline was partially offset by a 2.5% reduction in operating expenses across its portfolio. The retail portfolio’s performance was impacted by ongoing upgrades at three malls, whilst the logistics parks portfolio saw a 2% year-on-year increase.

The trust’s Distribution Per Unit (DPU) for the period was 2.49 Singapore cents, affected by the NPI decline and the weakening of the Renminbi against the Singapore Dollar. However, savings in finance costs provided some relief. CLCT’s strategic divestment of CapitaMall Yuhuating to CapitaLand Commercial C-REIT (CLCR) was approved by Unitholders, with the divestment expected to enhance financial flexibility.

Gerry Chan, CEO of CLCTML, highlighted the resilience of the portfolio amidst economic challenges, noting high retail occupancy at 96.9% and increased occupancy in business parks and logistics sectors. Chan stated, “By focusing our business parks and logistics parks on sectors aligned with the government’s priorities, we are well-positioned to capture policy-driven opportunities as China pursues high-quality growth.”

The trust is also advancing its capital management strategy, increasing RMB-denominated debt to 41% of total debt, aiming for a 50% target by year-end. This move is intended to mitigate foreign exchange fluctuations and optimise funding costs. CLCT’s commitment to sustainability is evident, with 68% of its portfolio now green-certified, and a significant increase in sustainability-linked loans. The trust’s 1H 2025 income distribution is scheduled for 24 September 2025.
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The Urban Redevelopment Authority has concluded the tender for a site at Holland Link, part of the 2H2024 Government Land Sales programme, which could yield approximately 230 units. The tender attracted five bids, with Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd submitting the highest offer at S$368,368,368, or about S$1,432 per square foot per plot ratio (psf ppr). This bid was 22.2% higher than the next highest bid from Wee Hur Development Pte Ltd, suggesting a strong belief in the site’s potential.

The top bid slightly surpasses the land rate of a recent Dunearn Road site, awarded at S$1,410 psf ppr, highlighting the appeal of the Holland Link location despite its distance from the Bukit Timah Turf City redevelopment project. Justin Quek, Deputy Group CEO of Realion Group, noted that the site’s serene environment and proximity to green spaces like Holland Green Linear Park and the Rail Corridor make it attractive to future residents.

The Holland Link site is the first of eight parcels to be sold in the upcoming Holland Plain neighbourhood. It is conveniently located near the future King Albert Park station on the Cross Island Line, enhancing connectivity. Additionally, the site is within 1km of Methodist Girls’ School and close to other prestigious schools, which may have contributed to the competitive bidding.

The area predominantly features low-density housing, and the new land parcels with higher plot ratios could introduce diverse market offerings and pricing potential.
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Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd have emerged as the top bidders for the Holland Link Government Land Sales (GLS) site, offering $1,432 per square foot per plot ratio (psf ppr). This bid reflects a growing confidence among developers in the property market and the potential of this new housing precinct, according to Huttons Asia CEO Mark Yip.

The Holland Link site is the first to be launched in the upcoming Holland Plain precinct, a development highlighted in the Master Plan 2019. The area promises generous green spaces and low-density living, appealing to those seeking a tranquil environment. Its proximity to the future King Albert MRT interchange, which will connect the Downtown Line and Cross Island Line, offers convenient access to the Central Business District and Changi Airport.

Located within the Bukit Timah education belt, the site is surrounded by top educational institutions, including Methodist Girls’ School, which is just a short walk away. This strategic location is expected to attract families looking for quality education options nearby.

Mark Yip noted that the successful bid provides Sim Lian with a first-mover advantage in creating a compelling low-density residential project in this promising precinct. The development is anticipated to enhance the appeal of the Holland Plain area, drawing interest from potential buyers seeking a blend of convenience and serenity.
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JTC has announced the launch of two industrial sites under the second half of the 2025 Industrial Government Land Sales (IGLS) Programme, featuring an enhanced three-year lease tenure. The sites, located at Penjuru Lane and Plot B Tukang Innovation Drive, are part of efforts to improve the industrial land lease framework in Singapore. The Penjuru Lane site is the first of five Confirmed List sites for the latter half of 2025, whilst the Tukang Innovation Drive site was made available through the Reserve List System from the second half of the 2024 IGLS Programme.

The Penjuru Lane site spans 0.34 hectares with a gross plot ratio of 2.5 and is zoned B2 for industrial use. It offers a 33-year lease and will close for tender on 23 September 2025 at 11:00 am. The Tukang Innovation Drive site, covering 1.87 hectares with the same plot ratio and zoning, will close for tender earlier on 9 September 2025 at 11:00 am. JTC received an application for the Tukang Innovation Drive site with a committed bid price of no less than $70.5 million.

Interested parties can purchase the Tenderers’ Packet for $185.30, inclusive of GST, through JTC’s website. This initiative is expected to support Singapore’s industrial growth by providing businesses with more flexible leasing options and encouraging innovation within the sector.
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Morgan Stanley Research has shared its findings from recent discussions with 60 investors in Singapore and Hong Kong, following the release of its Singapore Bluepaper. The conversations centred on Singapore’s macroeconomic outlook, market reforms, and strategic positioning, with significant attention given to banks, Singtel, Keppel, and Real Estate Investment Trusts (REITs).

The report highlighted a debate over the sustainability of Singapore’s productivity growth and the effectiveness of market reforms in enhancing new listings and liquidity. Investors showed interest in the implications of de-dollarisation on Singapore’s interest rates and bank net interest margins (NIMs) for the second quarter of 2025. Additionally, there was a focus on the potential for profit-taking in Singtel, although Morgan Stanley still identifies growth opportunities for the company.

In the energy sector, Keppel Corporation attracted considerable interest due to its strategy of reallocating capital, raising dividends, and divesting lower-return businesses. The report also noted positive investor sentiment towards REITs, driven by rate compression.

Morgan Stanley’s analysis suggests that for Singtel to achieve further growth, it needs to improve its return on invested capital (ROIC), exceed earnings per share (EPS) and dividend per share (DPS) expectations, and enhance asset monetisation. For Keppel, asset monetisation and a focus on recurring income through an asset-light model are expected to expand its return on equity (ROE) by 200-300 basis points by 2027.

The findings underscore the varied investor perspectives on Singapore’s economic trajectory and the potential impact of ongoing market reforms.
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A recent survey by Milieu Insight has unveiled a generational split in attitudes towards office romances in Singapore, following a high-profile incident involving former Astronomer CEO Andy Byron. The survey, conducted online from 23 to 25 July with 500 Singaporeans aged 18 and above, highlights varying perspectives on workplace relationships, power dynamics, and leadership accountability.

The survey found that over 70% of Gen Z and Millennials were aware of the incident, primarily through social media, whilst only 36% of baby boomers learnt about it via news outlets. Despite the professional implications, 39% of respondents found the video “entertaining.” Interestingly, 66% believed the relationship was “meant to be hidden,” with 56% attributing the backlash to the CEO’s concealment attempts.

Millennials, stepping into managerial roles, are generally supportive of workplace relationships if disclosed and managed professionally. In contrast, 30% of Gen X and 38% of baby boomers have formed workplace relationships, raising concerns about power imbalances due to their senior positions.

The survey also revealed that 64% of Gen Z, 57% of Millennials, and 46% of Gen X believe workplace relationships are appropriate only if disclosed to HR. However, 38% of baby boomers think they are acceptable regardless of context. Additionally, 44% of Singaporeans find senior-on-senior relationships acceptable if managed professionally, though 25% acknowledge potential power imbalances.

Juda Kanaprach, Co-Founder and Chief Commercial Officer at Milieu Insight, stated, “Gen Z and Millennials expect workplace relationships to be handled with transparency and professionalism. It’s not about banning relationships entirely, but ensuring they’re disclosed to HR and managed with clear boundaries.” The survey underscores the evolving workplace culture and the need for organisations to adapt to these changing expectations.
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Singapore Airlines (SIA) has been downgraded from “Hold” to “Reduce” by CGS International, following a disappointing first quarter of the financial year 2026 (1QFY26). The downgrade comes as SIA’s core net profit fell by 56% quarter-on-quarter to S$186 million, largely due to its 25.1% stake in Air India, which reported significant losses. Despite strong performance in its Singapore passenger and cargo operations, the airline’s share price is expected to face pressure.

The report highlights that SIA’s Singapore operations achieved a 42% increase in operating profit to S$405 million, driven by robust passenger volumes and lower fuel costs. However, Air India’s losses, amounting to S$130 million for SIA, overshadowed these gains. The losses were exacerbated by the aftermath of a 787-8 crash in Ahmedabad, India, on 12 June 2025, leading to a reduction in Air India’s flight operations.

CGS International has adjusted its target price for SIA to S$6.80, down from S$6.88, reflecting a 10.5% downside from the current share price of S$7.60. The report advises investors to take profit before the 30 Singapore cents final dividend per share ex-date on 8 August 2025, noting that SIA’s share price historically drops post-dividend.

Looking ahead, SIA’s financial outlook remains challenging, with projected losses from Air India expected to widen in the coming fiscal years. Whilst Air India plans to restore flights by October 2025, the recovery in demand and pricing may take longer. Potential catalysts for SIA’s share price include a faster-than-expected recovery for Air India, though current valuations suggest limited upside.
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Mapletree Logistics Trust (MLT), an Asia-focused logistics real estate investment trust, has reported a 12.4% year-on-year decline in its distribution per unit (DPU) for the first quarter of FY26. The decrease is attributed to the depreciation of several regional currencies against the Singapore dollar and ongoing trade tensions impacting tenant sentiment, according to a UOBKayHian research note.

MLT’s gross revenue and net property income fell by 2.4% and 2.1% respectively, primarily due to lower contributions from China and South Korea, as well as the absence of income from 12 divested properties. The Australian dollar, Chinese yuan, Hong Kong dollar, and Korean won all weakened against the Singapore dollar, further affecting the trust’s financial performance. Borrowing costs also rose by 2.3% year-on-year.

Despite these challenges, MLT achieved a positive rental reversion of 2.1% in the quarter, driven by strong performances in Singapore and Japan. However, China experienced a negative rental reversion of 7.5%, with revenue from the region declining by 18.4% due to continued negative rental trends.

The trust’s portfolio occupancy eased slightly to 95.7% as of June 2025, with Singapore’s occupancy dropping due to the newly completed Mapletree Joo Koon Logistics Hub. MLT’s management remains cautious, expecting tenants to be wary due to uncertainties in trade policies, which could affect demand for warehouse space.

Looking ahead, MLT plans to retain divestment gains, with a target to complete divestments worth $110 million (S$150 million) in FY26. The redevelopment of 5A Joo Koon Circle in Singapore is progressing well, with management expecting occupancy to reach 80% by the end of FY26.
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