Industry News

A recent study by Ernst & Young LLP (EY) reveals that a majority of companies listed on the Singapore Exchange (SGX) are not ready for the upcoming International Sustainability Standards Board (ISSB) requirements, set to take effect in the financial year 2025. Despite 98% of the 359 companies surveyed having made at least one climate-related disclosure, only 32% have fully complied with all 11 recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The ISSB standards, which expand upon the TCFD’s core themes of governance, strategy, risk management, and metrics and targets, demand more detailed reporting. Ken Ong, Partner at EY, highlighted the urgency, noting that companies with a financial year ending 31 December have less than six months to transition. “Companies that disclose fully against the TCFD recommendations will find it easier to make the transition,” Ong stated.

The study also found that only 36% of issuers have set net-zero targets, and a mere 9% have disclosed capital allocations for climate-related risks and opportunities. Furthermore, only 17% of companies have linked sustainability performance to remuneration, with larger firms leading in this area.

An increasing number of companies are seeking external assurance for their sustainability reports, with 13% doing so in the last financial year. Ong emphasised the importance of external assurance, stating it enhances investor trust by linking sustainability information with financials.

The report underscores the need for companies to develop robust transition plans and equip staff with sustainability knowledge to meet the new standards. As Nhan Quang, Partner at EY, noted, “Companies with a transition plan are more likely to exhibit better business resilience towards climate events.”
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Singapore’s non-oil domestic exports (NODX) experienced a remarkable 13% year-on-year increase in June, according to UOB Global Economics and Markets Research. This surge significantly surpassed Bloomberg’s consensus estimate of 5%, with non-monetary gold contributing a substantial S$1.3 billion of the S$1.77 billion nominal rise. Electronics exports also saw a boost, growing by 8% year-on-year, largely due to favourable base effects.

The growth in electronics NODX was primarily driven by personal computers, integrated circuits, and disk drives. However, exports to the United States remained weak, contracting by 4.8% year-on-year. In contrast, exports to East Asian markets, particularly Taiwan and South Korea, showed resilience, reflecting demand related to artificial intelligence.

UOB’s report highlighted that Singapore’s GDP growth in the first half of 2025 was supported by the front-loading of exports and manufacturing, anticipating further US tariffs. However, the report cautioned that this momentum might not sustain in the second half of the year, as potential reciprocal tariffs from the US could dampen growth. The impact is expected to be more pronounced in trade-related services rather than manufacturing.

Despite the uncertainties, UOB maintains its full-year 2025 NODX forecast at 1.0-3.0%. The situation remains fluid due to the ongoing tariff discussions, which could influence future projections. The report underscores the importance of monitoring trade policies and their potential impact on Singapore’s export landscape.
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ETC, a part of Realion, has announced the sale of a rare freehold corner shophouse located at 272 East Coast Road in Singapore’s vibrant District 15. The sale will be conducted through an Expression of Interest exercise, closing on 15 August 2025 at 3pm. The property, which boasts dual frontage along Still Road and East Coast Road, covers a site area of 168.3 square metres and offers a gross floor area of 240.7 square metres.

The guide price for the shophouse is set at $7 million (S$9.5 million), translating to $2,700 (S$3,667) per square foot based on the existing gross floor area. This unique property comes with existing approval for serviced flat use and potential for further development, making it an attractive investment opportunity.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the property’s appeal, stating, “This is a standout opportunity to acquire a freehold corner shophouse in one of the East-side’s most sought-after lifestyle enclaves. With rare existing approval for serviced flat use and the potential for further intensification, 272 East Coast Road is uniquely positioned to deliver long-term value and capital appreciation.”

The shophouse is expected to attract lifestyle-driven investors and discerning long-stay guests seeking a personalised and authentic stay experience. Its boutique-scale serviced flats housed in a shophouse setting are increasingly sought-after in the market.

The sale of 272 East Coast Road presents a significant opportunity for investors looking to capitalise on the property’s strategic location and potential for capital appreciation.
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Alibaba Cloud has signed a Memorandum of Understanding with CapitaLand Group to expand their collaboration, focusing on digital transformation in China. This agreement, announced on 17 July 2025, builds on their partnership established in 2019 and aims to integrate Alibaba Cloud’s advanced AI technologies, including the large language model Qwen, into CapitaLand’s operations.

The collaboration will see CapitaLand leveraging Alibaba Cloud’s infrastructure to enhance smart operations and customer experiences across its online and offline businesses. The integration of AI applications will enable CapitaLand to develop an insights-driven system for informed business decisions, precision marketing, and risk management. Additionally, Alibaba Cloud’s environmental, social, and governance (ESG) solutions will support CapitaLand in creating a low-carbon real estate ecosystem.

Puah Tze Shyang, CEO of CapitaLand Investment (China), expressed optimism about the partnership, stating, “We believe that through deeper cooperation with Alibaba will elevate our collaboration to a new level.” Jessie Zheng, Chief Strategy Officer of Alibaba Cloud Intelligence, added, “This renewed collaboration underscores our shared commitment to fostering innovation and building a seamless online and offline ecosystem.”

Since their initial collaboration in 2015, Alibaba Cloud and CapitaLand have achieved significant results, including reducing IT infrastructure costs by migrating CapitaLand’s systems to Alibaba Cloud. The enhanced partnership aims to further advance technological innovation in the real estate sector, leveraging the strengths of both organisations to foster development between digital and real economies.
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Guardian, Singapore’s leading health and wellness retailer, has unveiled a new mobile application designed to streamline the shopping experience for health, beauty, and wellness products. The app, launched on 17 July 2025, aims to connect in-store and online experiences, offering a comprehensive range of products and services at customers’ fingertips.

The Guardian app allows users to browse thousands of products, from vitamins and supplements to skincare items, all within a single platform. A barcode scanner feature provides instant product information and usage tips, enhancing the shopping experience. Additionally, the app supports Guardian’s commitment to preventive health by enabling users to locate nearby stores, check pharmacist availability, and book services such as diabetes care, smoking cessation, and medical teleconsultations.

Integrated with yuu Rewards, Singapore’s top rewards programme, the app offers customers the chance to earn points with every purchase. Exclusive in-app discounts and promotions, such as $1 Daily Deals and daily flash deals with up to 50% off, are available until 13 August 2025. New users can also benefit from an $8 Click & Collect voucher upon sign-up.

Leong Chao Yang, Guardian Singapore Business Development & Omnichannel Director, stated, “The launch of the new mobile app is a key part of Guardian’s digital acceleration journey as we strive to be our customers’ trusted health and wellness adviser.”

The app is now available for download on the Apple App Store and Google Play Store, marking a significant step in Guardian’s digital transformation and commitment to customer convenience and care.
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New home sales in Singapore have surged by 145.3% year-on-year in the first half of 2025, according to the Urban Redevelopment Authority (URA).

This significant increase comes despite a decline in monthly sales for the fourth consecutive month in June, highlighting the private market’s resilience amidst an improving mortgage environment, according to a Realion Group note. The ongoing macroeconomic uncertainties have led more investors to view private homes as safe-haven assets.

In June 2025, new private home sales, excluding executive condominiums (ECs), fell to 272 units, a 12.8% decrease from May’s 312 units. Including ECs, sales dropped 9.2% from 336 units in May to 305 units in June. However, on a year-on-year basis, sales excluding ECs rose by 19.3%, up from 228 units in June 2024. For the first half of 2025, a total of 4,634 new units were sold, marking a substantial increase from the 1,889 units transacted in the same period last year.

Two notable projects launched in District 15 last month were Arina East Residences and Amber House, both achieving median prices close to S$3,000 per square foot. These developments attracted interest due to their prime locations near MRT stations and recreational amenities.

Sales in June were primarily driven by the Rest of Central Region (RCR), accounting for 69.5% of transactions, followed by the Outside Central Region (OCR) and Core Central Region (CCR). The luxury market also saw steady interest, with four condominiums sold for over S$10 million.

Looking ahead, Chief Researcher and Strategist of Realion Group, Christine Sun said there are more projects are expected to launch in the second half of the year, potentially spurring further buying interest. Upcoming developments include The Robertson Opus, River Green, and W Residences Singapore – Marina View, offering a diverse range of options for buyers.
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Coda, a Singapore-based leader in digital content monetisation, has announced its acquisition of Recharge, a prominent European prepaid payments platform headquartered in Amsterdam. This strategic move aims to bolster Coda’s expansion beyond gaming and strengthen its direct-to-consumer capabilities by integrating Recharge’s expertise in prepaid digital storefronts. The acquisition is set to enhance Coda’s presence in Europe and broaden its reach across the digital content economy.

The combined entity, based on 2024 figures, processed over $175 billion in sales and served more than 200 million customers across 180 markets. Coda, known for its partnerships with major publishers like Electronic Arts and Activision, will benefit from Recharge’s established brand equity and consumer-first approach, which includes a user base of over 8 million and partnerships with global brands such as Apple and Google.

Coda CEO Shane Happach expressed admiration for Recharge’s consumer-focused business model, highlighting the complementary strengths of both companies. “At Coda, we’ve focused on scaling our B2B capabilities alongside working with the world’s leading digital publishers to maximise their revenue,” he said. “Recharge adds a powerful direct-to-consumer engine, deep prepaid expertise, and strong brand equity across Europe.”

Recharge CEO Günther Vogelpoel emphasised the opportunity to extend their platform and partnerships globally. “Joining forces with Coda gives us the opportunity to take everything we’ve built and extend it globally to truly become the global leader we set out to be,” he stated.

The acquisition, backed by investors including Apis Partners and Insight Partners, positions the combined company to deliver enhanced value and convenience to partners and consumers worldwide, leveraging secure and locally relevant monetisation solutions.
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Pink Warriors 3×3 is set to make a grand return on 9–10 August for its fourth season, promising a bigger and bolder experience at its new venue, *SCAPE The Ground Theatre and Somerset Youth Park. The event, which has grown from a tribute to International Women’s Day into a major community basketball tournament, will offer over $10,000 in prizes, including $5,000 in Li-Ning product vouchers and cash for champion teams.

The tournament aims to empower youth and promote mental wellness through basketball. Esther Quek, CEO of Jumpshot Singapore, stated, “Pink Warriors 3×3 Season 4 represents more than just a basketball tournament—it’s a movement to empower youth, promote mental wellness through sports, and unite the community.”

This year’s event will run from 9:00AM to 9:00PM, featuring categories for both boys and girls, as well as open categories for men and women. Registration fees vary, with U12, U13, and U14 categories priced at $80, and U17, U20, and open categories at $120. Teams in the higher fee categories will compete for cash prizes, whilst all champion and first-runner up teams will receive exclusive medals and limited-edition pink basketballs.

In celebration of Singapore’s National Day, attendees dressed in red or white can win a mystery prize. Li-Ning, a key supporter of the event, will host an interactive booth on-site. A spokesperson from Li-Ning Singapore expressed pride in supporting initiatives like Pink Warriors 3×3, which align with their vision to celebrate the sport.

Ethen Ong, Deputy Executive Director of *SCAPE Singapore, shared excitement about hosting the event, emphasising the venue’s commitment to creating spaces for youth to connect and express themselves.

The Pink Warriors 3×3 promises a weekend filled with basketball and community spirit, inviting participants and fans to join the celebration at *SCAPE The Ground Theatre and Somerset Youth Park.
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Seatrium Limited, a prominent player in the offshore and marine engineering sector, is making significant strides in establishing a global engineering brand. Under the leadership of CEO Chris Ong, the company is leveraging its Singaporean roots to enhance its reputation for reliability and innovation in the global energy landscape.

Chris Ong, who began his career as a young engineer, has been instrumental in steering Seatrium towards international recognition. “More than two decades later, he is now the CEO of Seatrium, one of the world’s leading offshore and marine engineering firms,” the company stated. This journey reflects Seatrium’s commitment to excellence and its strategic vision to expand its influence beyond Singapore.

Seatrium’s efforts are particularly noteworthy as the company seeks to navigate the evolving demands of the global energy sector. The firm is focused on delivering cutting-edge solutions that meet the needs of its international clientele, thereby reinforcing its position as a leader in the industry.

The company’s growth strategy is underpinned by its dedication to maintaining high standards of quality and service, attributes that have become synonymous with the Seatrium brand. As the firm continues to expand its operations, it remains committed to upholding the values that have driven its success.

Looking ahead, Seatrium’s expansion efforts are expected to further solidify its standing in the global market, potentially opening new avenues for collaboration and innovation in the offshore and marine engineering sectors.
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Little Farms has launched its latest outlet at Raffles Place, bringing its commitment to quality and ethically sourced food to Singapore’s bustling Central Business District. Situated at street level within One Raffles Place, the 2,600 square foot space combines a speciality grocer with a takeaway-focused café, catering to the fast-paced lifestyle of the CBD crowd. The menu features nourishing, ready-to-go dishes and drinks, all made fresh daily using the same high-quality ingredients available on Little Farms’ shelves.

This opening marks a significant milestone for Little Farms, which now operates eight outlets across Singapore. The company aims to double its footprint in the next five years and explore international markets. Joe Stevens, CEO of Little Farms, stated, “Having worked in the CBD for many years, I know first-hand how hard it can be to find convenient, nutritious food and great coffee in one place. With our new location at One Raffles Place, we’re bringing that solution to the heart of the city.”

The new outlet’s design, inspired by a greenhouse farm, promotes a sense of fresh harvests amidst the urban environment. The café offers a wide range of meals, including protein-rich lunches and high-protein smoothies, all prepared with premium, all-natural ingredients. The retail section features a diverse selection of fresh produce, ethically sourced meats, and clean-label snacks, supporting various dietary needs.

To celebrate the opening, Little Farms is offering a series of promotions throughout July and August, including complimentary tote bags and notebooks with qualifying purchases. The Raffles Place outlet is open Monday to Friday from 7.30am to 6.00pm and on weekends from 9.00am to 1.00pm.
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