Industry News

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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Frasers Property, in collaboration with Sekisui House and CSC Land Group, has emerged as the top bidder for a coveted residential site along Dunearn Road. This potential development is set to become a significant part of the Turf City masterplan, promising to deliver a prominent residential project in the heart of Bukit Timah, Singapore.

The site is strategically located within the Bukit Timah educational belt, known for its excellent connectivity and access to amenities and green spaces. This makes it an attractive proposition for homebuyers, especially given that the last Government Land Sales (GLS) site in the area was awarded nearly a decade ago. The consortium believes that quality developments in prime Districts 9, 10, and 11 within the Core Central Region will continue to draw interest due to their locational advantages.

“We are pleased to be the top bidder for the residential site along Dunearn Road,” said the consortium, which includes the CEO of Frasers Property Singapore, the Director of the Board of Sekisui House, and the Chairman of China Construction (South Pacific) Development Co, the parent company of CSC Land Group. “If awarded, it will be an exciting opportunity for us to leverage our combined expertise.”

The successful bid underscores the continued demand for prime residential developments in Singapore’s central regions, with future implications for the area’s real estate landscape.
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The recent tender for the Dunearn Road site has drawn significant attention, receiving nine bids—the highest for a private Government Land Sales (GLS) residential site since 2021. The top bid of $491.45 million, or $1,410 per square foot per plot ratio (psf ppr), was submitted by a consortium comprising CSC Land, Sekisui House, and Frasers Property. This bid was just 4% higher than the second-highest bid from CDL, indicating strong consensus on the site’s appeal.

The surge in interest is attributed to the Draft Master Plan 2025, released on 25 June 2025, which has positively influenced sentiment. The plan includes promising developments for Bukit Timah Turf City, with proposals for 15,000-20,000 public and private homes, enhanced transport connectivity, and the conservation of 22 heritage buildings. Tricia Song, CBRE Head of Research, Southeast Asia, noted that the site offers a “first-mover advantage” in a precinct set for rejuvenation over the next 5-10 years.

Despite the competitive bidding, the top land price remains below the levels seen in December 2017, reflecting higher construction costs and potential Additional Buyer’s Stamp Duty (ABSD) implications. The site is strategically located within 1km of Methodist Girls’ School and 400m from Sixth Avenue MRT station, enhancing its attractiveness.

The developer of the Dunearn Road site is expected to build approximately 380 units, with launch prices anticipated to range between $2,900 and $3,000 psf. This development is poised to contribute significantly to the area’s residential landscape, aligning with the broader vision outlined in the Draft Master Plan 2025.
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IQ-EQ, a global investor services group, has announced the appointments of Divya Doshi as Managing Director, Sales for Asia and the Middle East, and Koji Ikeda as Managing Director, Japan. These strategic hires aim to expand IQ-EQ’s presence in high-growth markets and enhance client relationships. Doshi, based in Singapore, and Ikeda, in Japan, bring decades of financial expertise to their roles, positioning the firm for accelerated revenue growth by 2028.

With over 30 years in financial services, Divya Doshi will focus on expanding IQ-EQ’s client base and strengthening ties with family offices, institutions, and sovereign wealth funds. “I’m excited to join IQ-EQ at such a dynamic time in its growth journey,” Doshi stated, highlighting the vibrancy of the Asian and Middle Eastern markets.

Koji Ikeda, with 35 years of experience in custody and securities lending, will concentrate on enhancing the firm’s presence in Japan. “Japan is a critical market for international investors,” Ikeda noted, expressing enthusiasm for scaling IQ-EQ’s operations and delivering client value.

These appointments are part of IQ-EQ’s broader strategy to double its revenue by 2028, leveraging a scalable operating model and advanced technology. The firm is expanding into Australia and New Zealand, enhancing regulatory capabilities, and investing in platforms like MaxComply™ and IQ-EQ Cosmos. Regional CEO Sridhar Nagarajan emphasised, “Asia is a cornerstone of IQ-EQ’s global growth strategy,” underscoring the importance of these leadership roles in achieving the firm’s ambitious goals.
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RHB Bank’s latest Global Economics and Market Strategy Report, authored by Group Chief Economist Barnabas Gan, highlights a cautious outlook for Singapore’s manufacturing sector. The report, released on 26 June 2025, maintains a forecast for industrial production (IP) growth at 0.5%, citing a continuous slowdown in the sector. However, potential tariff de-escalations in the second half of 2025 could present upside risks to the full-year trade and manufacturing growth prognosis.

The report underscores uncertainties in tariff policies, particularly following a recent 90-day pause, as a significant factor affecting Singapore’s export-oriented sectors. These include chemicals, machinery and transport equipment, and manufacturing. Despite these challenges, May’s IP showed a 3.9% year-on-year increase, easing from a revised 5.6% rise in April but exceeding Bloomberg’s estimate of a 2.2% increase.

Gan’s analysis suggests that whilst the current outlook remains cautious, changes in global trade dynamics could alter the trajectory of Singapore’s manufacturing growth. The report serves as a critical resource for stakeholders in understanding the potential impacts of international trade policies on the local economy. As the year progresses, the manufacturing sector’s performance will be closely monitored for any shifts that could influence economic forecasts.
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The Southeast Asian (SEA) tech sector raised $2.0 billion in the first half of 2025, according to the Tracxn Geo Semi Annual Report. Despite a 24% decline from the $2.6 billion raised in the latter half of 2024, the figure marks a 7% increase from H1 2024. Singapore dominated the funding landscape, accounting for 92% of the total investment, as late-stage funding saw a remarkable 140% increase.

The report highlights a significant shift towards late-stage investments, which totalled $1.4 billion, up from $583 million in H2 2024. In contrast, seed-stage and early-stage funding experienced declines, with seed funding dropping 51% to $87 million and early-stage funding falling 74% to $464 million.

Enterprise Infrastructure, FinTech, and Enterprise Applications emerged as the top-performing sectors. Enterprise Infrastructure attracted $859 million, a 3,787% increase from H1 2024, despite a 35% decrease from H2 2024. FinTech secured $775 million, whilst Enterprise Applications garnered $545 million.

The period also saw five funding rounds exceeding $100 million, including Digital Edge’s $640 million Series D round and Supabase’s $200 million Series D round. Additionally, the SEA tech ecosystem witnessed 28 acquisitions, with Dropsuite’s $270 million sale to NinjaOne being the largest.

The report underscores the resilience of the SEA tech sector amidst global market fluctuations, with Singapore’s dominance and the surge in late-stage funding highlighting the region’s evolving role in the global tech landscape.
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Singapore’s manufacturing output experienced a marginal decrease of 0.4% in May 2025, according to the latest data released by the Economic Development Board. This decline is based on a seasonally adjusted month-on-month analysis, indicating a challenging period for the sector.

The slight downturn in manufacturing output comes amidst global economic uncertainties and fluctuating demand in key markets. The manufacturing sector, a crucial component of Singapore’s economy, has been navigating these challenges whilst striving to maintain growth and competitiveness.

The report highlights the importance of monitoring manufacturing trends closely, as they are indicative of broader economic health. The sector’s performance is often seen as a bellwether for the country’s economic trajectory, influencing policy decisions and business strategies.

Whilst the decrease is relatively minor, it underscores the need for continued innovation and adaptation within the industry. Companies are encouraged to explore new technologies and processes to enhance productivity and resilience in the face of external pressures.

Looking ahead, industry stakeholders will be keenly observing upcoming data releases to assess whether this dip is a temporary fluctuation or part of a longer-term trend. The manufacturing sector’s ability to rebound will be critical in supporting Singapore’s overall economic growth and stability.
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Singapore has been ranked as the fourth-best city for night tourism in 2025, according to a new study by Travelbag. The study analysed over 100 global cities, focusing on Instagram hashtag volumes, light and noise pollution, safety for walking alone at night, and the number of late-night venues. Singapore’s high ranking is attributed to its 443 late-night venues and a commendable nighttime safety score of 77 out of 100.

The study highlights the growing trend of noctourism, with a 164% increase in Google searches for night festivals and a 33% rise in interest in stargazing tourism. This trend underscores a global shift towards exploring cities after dark. New York topped the list, boasting over 2,300 late-night venues and more than 40,800 Instagram posts tagged with #NewYorkatnight. Tokyo and Dubai followed, ranking second and third, respectively.

Danny Hugill, Destination Executive for the Middle East and Indian Ocean at Travelbag, noted the unique appeal of Dubai after sunset, stating, “Once the sun sets in Dubai, the city transforms. You can head to the Al Fahidi Historical Neighbourhood for an atmospheric evening walk, then catch the Dubai Fountain show before ending your night with drinks at Cé La Vi or a rooftop dinner at Paros.”

The study also identified Abu Dhabi as the safest city for nocturnal exploration, with a safety score of 87 out of 100. As noctourism continues to rise, cities like Singapore are well-positioned to attract travellers seeking vibrant and safe nighttime experiences.
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Singapore’s Ministry of Manpower has released its Labour Market Report for the first quarter of 2025, revealing a 1.2% increase in employment, largely fuelled by growth in the services sector. The report highlights a continued recovery in the job market, with total employment reaching 3.7 million. This growth is attributed to a surge in demand for services, particularly in the information and communications, finance and insurance, and professional services industries.

The report also indicates a decline in unemployment rates, which fell to 2.5% from 2.7% in the previous quarter. This improvement reflects the government’s ongoing efforts to bolster the economy and create more job opportunities for Singaporeans. The Ministry of Manpower noted that the positive trend is expected to continue as the global economy stabilises and local businesses adapt to post-pandemic conditions.

However, the report cautions about potential challenges ahead, including the need for workforce upskilling to meet the demands of an evolving job market. “As we move forward, it is crucial for both employers and employees to focus on skills development to remain competitive,” the ministry stated.

Looking ahead, the Ministry of Manpower plans to introduce initiatives aimed at enhancing workforce capabilities and supporting sectors with high growth potential. These efforts are part of a broader strategy to ensure sustainable economic growth and resilience in Singapore’s labour market.
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Alcon, a global leader in eye care, has officially opened its expanded manufacturing and logistics facility in Tuas Biomedical Park, Singapore, marking 20 years of operations in the country. The expansion, celebrated on 27 June, underscores Alcon’s commitment to innovation and precision manufacturing, with over $600m invested to date. The facility is set to create high-value jobs in production, quality control, and distribution, reinforcing Singapore’s role as a strategic hub for Alcon’s operations in Asia.

The state-of-the-art Tuas facility is equipped with advanced automation and smart manufacturing systems, designed to meet the growing global demand for Alcon’s contact lenses, including the flagship PRECISION1 lenses featuring SMARTSURFACE Technology. Patrick Collier, Senior Vice President of Global Manufacturing and Technical Operations at Alcon, stated, “The expanded Tuas facility will not only enhance our ability to serve patients’ ocular health needs globally but also advance our mission to help people see brilliantly.”

The expansion aligns with Singapore’s ambition to grow its MedTech workforce, which includes over 400 companies and employs more than 16,000 people. Alcon’s partnerships with local educational institutions and workforce development programmes aim to nurture capabilities in precision engineering and AI-driven automation.

The facility’s design focuses on sustainability, achieving zero waste to landfill and offering scalable production capabilities. Goh Wan Yee, Senior Vice President of Healthcare for the Singapore Economic Development Board, remarked on the milestone, highlighting Alcon’s role in enhancing advanced manufacturing capabilities and driving sustainable practices in Singapore’s MedTech sector.
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