Industry News

The Singapore Department of Statistics has reported a decline in several key price indices for May 2025.

The Import Price Index fell by 1.7%, whilst the Export Price Index decreased by 1.9%. Additionally, the Singapore Manufactured Products and Domestic Supply Price Indices saw reductions of 2.8% and 3.5%, respectively, compared to April 2025.

When excluding oil, the Export, Singapore Manufactured Products, and Domestic Supply Price Indices fell by 1.7%, 2.6%, and 2.3%, respectively, with the Import Price Index remaining unchanged.

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Caseware, a global leader in cloud-enabled audit solutions, has unveiled Cloud Audit, a new platform designed specifically for Singapore’s audit professionals. This innovative tool aims to accelerate audit transformation by aligning with the Institute of Singapore Chartered Accountants (ISCA) methodology, ensuring firms meet local regulatory and professional standards. Sarah Butler, head of solutions APAC at Caseware, stated that the platform is tailored to the needs of Singapore’s practitioners, offering a modern, collaborative, and secure audit solution.

Already gaining traction in Australia, Cloud Audit has been praised for its ability to improve efficiency and compliance. Accru Felsers, an Australian accounting firm, reported enhanced team collaboration and faster turnaround times. Jean Zhang, audit and assurance partner, noted, “With Cloud Audit, we update one template—and every new file reflects that—saving us weeks of work.”

The platform’s features include real-time collaboration, automatic updates, built-in analytics, and enterprise-grade security. It also supports remote work and enhances productivity through automation. Didarul Khan, director at Auditeo, highlighted the platform’s risk assessment feature, which allows for the identification of key risks and the design of targeted responses.

Caseware’s Artificial Intelligence Digital Assistant (AiDA) further enhances the platform by providing AI-powered tools that offer real-time guidance and summarise complex documents quickly. This integration aims to drive better decision-making and improve audit workflows.

Caseware will showcase Cloud Audit at the ISCA Tech Fair 2025 on 11 July, where attendees can engage with the team and explore the platform’s capabilities in enhancing audit efficiency and compliance.
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DFI Retail Group is poised for a significant earnings recovery, according to a recent update by RHB. The company, which is backed by Jardine Matheson Holdings, is expected to see its net profit rebound this year, maintaining a “BUY” recommendation with a new target price of $3.09. This represents a 13% upside, alongside a forecasted 4% yield for the financial year 2025. The stock is currently trading at an attractive 15 times its projected earnings for FY25.

The anticipated recovery in earnings is attributed to the company’s strategic positioning and the supportive dividend policy of its parent company, Jardine Matheson Holdings. This policy uplifts dividends back to the group level, enhancing the overall yield for investors. Analyst Alfie Yeo from RHB highlighted the company’s attractive valuation and positive outlook in the latest report.

The update comes as part of RHB’s broader market analysis, which also includes insights into other sectors such as data centres and sustainable plantations. The report underscores the potential for DFI Retail Group to continue its upward trajectory, driven by its robust business model and strategic initiatives.

Looking ahead, the company’s performance is expected to benefit from ongoing market dynamics and strategic investments, positioning it well for future growth. Investors are advised to keep a close watch on DFI Retail Group as it navigates its recovery path.
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Swift has unveiled the host cities for its flagship Sibos event through to 2029, with an expansion aimed at enhancing financial inclusivity in emerging economies across Asia, the Middle East, Africa, and Latin America. Following Frankfurt in 2025, Miami in 2026, and Singapore in 2027, Paris will host Sibos for the first time in 2028, coinciding with the conference’s 50th anniversary. Dubai will take the reins in 2029, marking the start of a new rotation that will see the event held in developing regions every four years.

Paris, a major European financial hub employing approximately 340,000 in the sector, will be a significant milestone for Sibos. Dubai, known as the Gateway to Africa, is strategically positioned to bridge Europe, Asia, and Africa, and is home to the Dubai International Financial Centre, a key player in the Gulf Co-operation Council’s fintech industry.

The decision to rotate Sibos to growing economies reflects Swift’s commitment to global financial inclusivity. Rosemary Stone, Chief Corporate Officer at Swift, stated, “Swift is a convener of and for the global financial industry… the addition of even more perspectives to the event’s debates and discussions will be increasingly valuable.”

Sibos, first held in 1978, gathers over 10,000 delegates from the financial services sector to discuss payments, securities, and trade. The event’s expansion comes as Swift reports record usage of its infrastructure, highlighting its growing importance to financial institutions worldwide.
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Aztech Global, a Singapore-based electronics manufacturer, is set to book a gain of S$42m from the sale of its factory and land in Malaysia. Despite this financial boost, the company is grappling with a weakening order momentum, as new customer wins fail to compensate for the decline in orders from key clients, said DBS Group Research. This has led to a significant reduction in revenue and earnings projections for the financial years 2025 and 2026, with estimates cut by approximately 50%.

The company’s outlook remains challenging, prompting analysts to maintain a “fully valued” rating with a lower target price of SGD0.38. The strategic sale of the Malaysian assets provides a temporary financial uplift, but it does not address the underlying issues of declining demand from major customers.

Aztech Global’s struggle highlights the broader challenges faced by manufacturers in the region, where dependency on a few key clients can lead to volatility in financial performance. The company’s efforts to diversify its customer base have not yet yielded sufficient results to offset the downturn from its primary clients.

Looking ahead, Aztech Global will need to focus on strengthening its customer portfolio and exploring new market opportunities to stabilise its financial outlook. The company’s ability to adapt to changing market conditions will be crucial in determining its future success.
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The Urban Redevelopment Authority (URA) has announced the results of the government land sales (GLS) tender for the Dunearn Road site, marking the first private residential plot in the new Bukit Timah Turf City housing precinct. The site, which could accommodate 380 new private homes, attracted nine bids, making it one of the most competitive GLS tenders for a non-Executive Condominium (EC) site since September 2021.

The top bid of $491m was jointly submitted by CSC Land Group, Sekisui House, and Frasers Property, translating to a land rate of $1,410 per square foot per plot ratio (psf ppr). This bid was 3.7% higher than the second-highest offer of $1,360 psf ppr from City Developments. Wong Siew Ying, Head of Research and Content at PropNex, noted that the narrow gap between the top two bids indicates developer confidence in the site, despite the anticipated increase in housing supply in the area.

The interest in the Dunearn Road plot is attributed to its status as the inaugural site in the emerging Bukit Timah Turf City, which is set to become a self-sustaining housing estate with the future Turf City MRT station on the Cross Island Line. The Draft Master Plan 2025 outlines plans for 15,000 to 20,000 housing units in the area, along with amenities such as schools, healthcare facilities, and recreational spaces.

The Dunearn Road site is particularly appealing due to its proximity to the Sixth Avenue MRT station and several prestigious schools. The location is also near Good Class Bungalow areas, enhancing its residential appeal. With an estimated 380 units, the project size is considered manageable, and future commercial offerings are expected as the Bukit Timah Turf City develops. The last nearby GLS site, Fourth Avenue, was awarded in 2017 and has since sold out, indicating strong demand in the area. The projected average selling price for the Dunearn Road site is expected to exceed $2,900 psf.
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Generative AI is reshaping the business world by offering competitive advantages and driving growth, according to KPMG in Singapore. However, the technology also presents significant risks that need careful management. Gerry Chng, Partner and Head of Cyber Advisory at KPMG in Singapore, emphasises four critical areas businesses must address to ensure the safe and effective use of Generative AI. These insights are detailed in his article, which provides strategies for mitigating AI-related risks.

KPMG’s latest newsletter also explores the role of AI in manufacturing and front-office operations. The firm notes that AI is now essential for manufacturers, enabling predictive maintenance and intelligent automation. In the front office, Generative AI and intelligent automation are transforming operations by enhancing customer insights and speeding up decision-making processes.

Additionally, the newsletter sheds light on social sustainability trends, highlighting the Gen2050 Youth Programme, which aims to equip young people with the skills needed to drive meaningful social change. The programme underscores the importance of youth involvement in advancing social sustainability.

The report also discusses the Global Family Business Report 2025, which examines how family businesses are integrating social responsibility and environmental impact into their growth strategies. This approach is seen as crucial for creating value through “good growth.”

KPMG’s insights provide a comprehensive look at how businesses can harness AI’s potential whilst addressing its challenges, ensuring that technological advancements align with broader social and environmental goals.
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The recent Government Land Sales (GLS) tender for the Dunearn Road site in Singapore has garnered significant interest, attracting nine bids. This marks an increase from the six bids received for the Lakeside Drive tender in June. The site’s appeal is largely due to its strategic location within the Bukit Timah area, a coveted residential enclave, and its alignment with the Draft Master Plan 2025, according to Leonard Tay, Head of Research at Knight Frank Singapore.

Despite high development costs, the Dunearn Road site stands out as the first GLS site in Bukit Timah since 2017. Its proximity to the Sixth Avenue MRT Station and the upcoming Turf City MRT Station enhances its attractiveness. The site is integral to the future transformation of Bukit Timah Turf City into a “10-minute neighbourhood”, offering easy access to shops, parks, and community facilities.

The top bid for the site was $358 million (S$491 million), translating to $1,030 (S$1,410) per square foot per plot ratio (psf ppr), which is 8.4% lower than the $1,125 (S$1,540) psf ppr achieved at Fourth Avenue in 2017. This reflects current macroeconomic caution. Launch prices are expected to start from $2,120 (S$2,900) psf, with potential averages between $2,190 and $2,340 (S$3,000 and S$3,200) psf, depending on project specifications and demand conditions.

With limited new private non-landed housing supply in the area, the project is anticipated to attract families and retirees familiar with Bukit Timah’s educational and residential offerings. The site exemplifies the integration of prime location, connectivity, and sustainable urban planning, shaping future residential demand.
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The Dunearn Road Government Land Sales (GLS) site has garnered significant attention, with a top bid of $1,410 per square foot per plot ratio (psf ppr) from CSC Land Group (Singapore), Sekisui House, and Frasers Property Phoenix II. This marks the highest level of participation for a prime Core Central Region (CCR) site since the Cuscaden Road GLS site in May 2018, which attracted nine bids. The bid price is also the highest since the River Valley Green (Parcel B) GLS in February 2025.

The Dunearn Road site is the first to be offered in the new Turf City housing estate within the Stables Commune neighbourhood. This provides the developer with a first mover advantage and the opportunity to establish a prominent project at the key access point to Turf City estate and along Dunearn Road. According to Mark Yip, CEO of Huttons Asia, “The Draft Master Plan 2025 has provided more clarity on the land usage in Turf City and reduced risks for developers.”

The site is strategically located with commercial use planned for adjacent sites, offering amenities to the new housing area. Community and recreational facilities, as well as parks, will be within a 10-minute walk. A school is also planned around 500 metres away, enhancing convenience for families with young children. The area is part of an education belt with numerous top schools nearby.

Connectivity is further bolstered by the Sixth Avenue MRT station and the upcoming Turf City MRT station on the Cross Island Line, both within a 10-minute walk. Authorities are also assessing the feasibility of a new exit ramp from the Pan Island Expressway (PIE) towards Tuas, which would enhance accessibility.
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The Urban Redevelopment Authority has concluded the tender for a site at Dunearn Road, launched under the Confirmed List of the first half of 2025 Government Land Sales programme. The site, which can accommodate approximately 380 units, received nine bids, surpassing expectations. The highest bid, submitted by CSC Land Group (Singapore) Pte. Ltd., Sekisui House, Ltd., and Frasers Property Phoenix II Pte. Ltd., amounted to S$491,454,208, or about S$1,410 per square foot per plot ratio (psf ppr). This bid was 3.7% higher than the next highest offer from CDL Divine Pte. Ltd., which was S$474,028,000 or approximately S$1,360 psf ppr.

The bid price slightly exceeded initial expectations, indicating confidence in the site’s potential. The last land tender in the area was for a site at Fourth Avenue, awarded in December 2017 at a land rate of S$1,540 psf ppr. The resulting project, Fourth Avenue Residences, was fully sold by September 2022 and continues to perform well in the secondary market.

Several factors contributed to the strong interest in the Dunearn Road site. It is the first site of the Turf City rejuvenation plan, offering developers and future buyers a first-mover advantage. Its proximity to the main road and Sixth Avenue MRT Station on the Downtown Line enhances its appeal. Additionally, the site’s location in Bukit Timah, near top schools, is likely to attract families with school-going children.

As the Turf City estate develops, future homeowners will benefit from new amenities, including retail options, food and beverage outlets, and green spaces amidst repurposed heritage buildings. This development is expected to enhance the attractiveness of living in the first Turf City residential project.
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