Industry News

Singtel, alongside a consortium of leading telecommunications and tech companies, has signed a contract with NEC Corporation to construct the Asia United Gateway East (AUG East) submarine cable system. This ambitious project will link Singapore and Japan, with additional connections to Brunei, Indonesia, Malaysia, the Philippines, South Korea, and Taiwan. Scheduled for completion by Q3 2029, the 8,900 km cable aims to meet the increasing demand for bandwidth and bolster digital connectivity across the region.

The consortium, chaired by Singtel, includes major players such as Amazon Web Services, Microsoft, and Telekom Malaysia. Alan Tan, Chairperson of the Asia United Gateway Cable Management Committee, highlighted the importance of this development, stating, “With the surge in demand for high-speed connectivity and bandwidth needed for AI innovation in the region, the development of resilient, high-capacity digital infrastructure is more important than ever.”

NEC Corporation, a leader in the submarine cable industry, will leverage its extensive experience to ensure the project’s success. Tomonori Uematsu, Corporate Senior Vice President at NEC, expressed the company’s commitment: “NEC is honoured to have been selected as a partner for this significant project.”

The AUG East system will utilise the latest submarine fibre optic technologies, featuring a high-count fibre pair system to deliver unprecedented bandwidth capacity. This infrastructure will not only support the growing demand for reliable data access but also improve network resilience against natural disasters.

Singtel’s involvement in the AUG East project underscores its expertise in submarine cable investments, further solidifying its role in advancing digital connectivity across Asia.
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Dream Cruises is set to delight durian enthusiasts with the return of its celebrated “Durian Party” aboard the Genting Dream. The event will feature four exclusive two-night cruises from Singapore to Melaka, Malaysia, scheduled for 24 and 31 August, and 7 and 14 September 2025. This unique celebration promises an indulgent experience with an “Eat-All-You-Can Premium Durian Buffet” featuring Malaysia’s finest durian varieties, including the renowned Musang King and Black Thorn.

The cruise offers more than just a durian feast. Guests can enjoy a 1.5-hour durian extravaganza followed by a stroll along Melaka’s iconic Jonker Street. The package, priced at $33 (SG$45) per person, includes round-trip coach transfers and can be booked in advance or onboard.

Michael Goh, President of StarDream Cruises, expressed excitement about the event, stating, “We’re delighted to bring back the Durian Party – a uniquely Southeast Asian celebration – in a bigger and more exciting way.”

Adding to the allure, Edison Ang, a popular durian content creator, will make special appearances at the Melaka Durian Buffet, offering guests insights into the world of durians.

Beyond the durian festivities, the cruise offers a range of activities, including tropical-themed games, creative workshops, and various onboard entertainment options. With limited sailings and high demand, early booking is recommended. For more information, visit StarDream Cruises’ website or contact local travel agents.
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Southeast Asia’s leading foodservice and hospitality trade shows, Restaurant Asia 2025 and SIGEP Asia 2025, have officially commenced at Marina Bay Sands, Singapore. Running from 16 to 18 July, these events are jointly organised by the Restaurant Association of Singapore (RAS) and IEG Asia. They are set to attract a record 12,000 trade visitors and conference delegates, showcasing innovations in the food and beverage (F&B) and hospitality sectors.

The opening ceremony was attended by Low Yen Ling, Senior Minister of State for Trade and Industry and Culture, Community and Youth. Key figures such as Ilaria Cicero, CEO of IEG Asia, and Dante Brandi, Ambassador of Italy to Singapore and Brunei, also delivered remarks.

This year’s edition introduces several industry milestones, including the formalisation of the ASEAN Restaurant Associations Alliance (ARAA), which aims to enhance regional workforce development and sustainability practices. Additionally, the F&B People Collective, Singapore’s first HR-centric platform for the foodservice sector, was launched to improve manpower practices and employee well-being.

The RAS Symposium 2025, themed “The Future of Smart F&B Ecosystems,” features speakers like Xie Pengwei, Deputy CTO of Haidilao, discussing automation and robotics. The event also includes the Belt-and-Road Hospitality and China-ASEAN Dialogue, focusing on tourism diplomacy and sustainable development.

Experiential zones, such as a 9-metre chocolate wall by Janice Wong and the Panettone World Cup – Asian Selection, add a sensory dimension to the exhibition. The event also marks the Southeast Asian debut of MrBeast Burger, with exclusive tastings and demonstrations.

With over 100 international buyers participating in the Hosted Buyer Programme, the event promises significant business opportunities and networking sessions, including a closed-door event hosted by NETS.
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Singapore’s major banks are bracing for a decline in profits for the second quarter of 2025, with net interest income (NII) expected to fall by 1.1-1.9% due to lower interest rates and subdued loan growth, according to CGS International report. The Singapore overnight rate average (SORA) dropped by 50 basis points quarter-on-quarter to 2.04%, whilst the Hong Kong interbank offered rate (HIBOR) saw a steeper decline of 200 basis points to 1.88%.

The banks’ net interest margins (NIMs) are anticipated to compress by 5-7 basis points, with OCBC experiencing an 11 basis point drop in the previous quarter. Non-interest income (Non-II) is also likely to have softened following the US Liberation Day in April, impacting wealth management fees and trading income.

Despite these challenges, DBS remains a preferred choice due to its dividend per share (DPS) growth, which supports a yield of 6.6-7.6% for the financial years 2025-2027. The bank is expected to report a net profit of S$2.79 billion for Q2 2025, a slight decrease of 3.7% quarter-on-quarter.

OCBC and United Overseas Bank (UOB) are also expected to report declines in net profits, with OCBC facing a 5.2% drop and UOB a 5.3% decrease. The banks’ exposure to weaker ASEAN economies could lead to higher specific provisions (SPs), although pre-emptive general provisions (GPs) from the first quarter should mitigate drastic changes in credit costs.

Looking ahead, the banks face an uncertain economic outlook with limited growth catalysts. However, potential sector upside risks include stronger-than-expected loan growth and a recovery in interest rates, which could support NIMs. Conversely, further deterioration in non-interest income and an increase in SPs pose downside risks.
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Singapore’s property market witnessed a notable increase in new home sales in June 2025, with figures rising 19% year-on-year, according to the Urban Redevelopment Authority (URA). Despite a 13% month-on-month decline, 305 units were sold, including 33 executive condos (ECs). Excluding ECs, private home sales reached 272 units, a significant rise from the previous year, attributed to the absence of major new launches, according to CGS International report.

Projects such as One Marina Gardens, Bloomsbury Residences, The Hill @ One-North, and Hillock Green were among the top performers, contributing to the robust sales figures. The Rest of Central Region (RCR) dominated the sales, accounting for 69% of the total, whilst the Outside of Central Region (OCR) and Core Central Region (CCR) contributed 25% and 6%, respectively.

Looking ahead, the market anticipates a strong performance in July 2025, bolstered by new launches like UPPERHOUSE at Orchard Boulevard and Robertson Opus. The LyndenWoods project, which achieved a 94% take-up rate during its initial launch weekend, exemplifies the ongoing demand.

The government has also announced changes to the sellers’ stamp duty (SSD) for residential properties, extending the holding period from three to four years and increasing rates by 4% for each tier. However, these changes are not expected to significantly impact the market due to the low percentage of sub-sale transactions.

Despite favourable mortgage rates, the sector remains neutral due to a cautious macroeconomic outlook. UOL Group is highlighted as a preferred pick, with its strong balance sheet and potential for value creation through redevelopment projects. The market remains vigilant, with potential risks including economic sluggishness affecting housing demand.
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Singapore’s Real Estate Investment Trusts (SREITs) are gearing up for a mixed set of results in the upcoming reporting season, as they navigate the effects of fluctuating interest rates and global tariff hikes, according to CGS International report.

The sector has seen a 3% rally since 23 June 2025, driven by expectations of potential cuts in the Federal Reserve’s interest rates in the second half of the year.

The anticipated results for SREITs are varied, with some trusts like CapitaLand Ascendas REIT (CLAR) and Keppel DC REIT (KDCREIT) expected to report year-on-year growth in distribution per unit (DPU) due to positive rental reversions and lower funding costs. However, others may face challenges from reduced capital top-ups and increased asset vacancies.

The sector’s overall DPU is projected to remain relatively flat year-on-year, although there is optimism that declining interest rates could lead to reduced average debt costs, potentially boosting DPU growth. “We anticipate SREITs to enjoy stable and high portfolio occupancy,” the report noted, highlighting the benefits of moderated positive rental reversions and interest cost savings.

Despite these positives, some SREITs may experience lower DPU due to factors such as frictional vacancies and high funding costs. The report also suggests that hospitality REITs might face challenges due to a weaker first quarter, despite improved international visitor arrivals in April and May 2025.

The sector remains optimistic, maintaining an “Overweight” rating on SREITs, with top picks including KDCREIT and CLAR. These trusts are favoured for their strong operating metrics and diversified portfolios, which are expected to support growth and value creation opportunities. As the reporting season unfolds, investors will be closely monitoring updated guidance on debt costs and the impact of tariff hikes on industrial spaces.
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The Monetary Authority of Singapore (MAS) has announced a doorstop interview with Chee Hong Tat, Minister for National Development and Deputy Chairman of MAS, scheduled for 21 July 2025. The event will provide updates on the initial measures introduced by the Equities Market Review Group in February. The interview will be held at the MAS Building in Singapore, with remarks embargoed until 12:30pm on the same day.

The session will begin with a background media briefing at 10:45am, which is not for reporting, followed by the doorstop interview at 12pm. The MAS will also release a media statement to coincide with the event, offering further insights into the measures discussed.

These updates are significant as they mark the first set of actions taken by the Equities Market Review Group, aiming to enhance the robustness and competitiveness of Singapore’s equities market. The measures are expected to address key areas identified in the February announcement, though specific details will be disclosed during the briefing.

Journalists and camera crews are invited to attend, with prior registration required for security clearance by 18 July 2025. The event underscores MAS’s commitment to transparency and engagement with the media, providing an opportunity for direct interaction with Minister Chee regarding the future of Singapore’s equities market.
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GenPrime Fertility Centre is set to open its first Singapore clinic at Camden Medical this August, pending final licencing approvals. This expansion marks the sixth location for GenPrime, part of the global reproductive health platform Rhea Fertility, headquartered in Singapore and New York. The clinic aims to make fertility care more personalised and accessible by integrating medical expertise with artificial intelligence and empathetic support.

Once licenced, the Singapore clinic will offer a comprehensive range of services, including in vitro fertilisation (IVF), egg freezing, fertility preservation, and reproductive health diagnostics. The clinic will be part of a seamless cross-border care network, connecting with over 80 healthcare professionals, including 16 fertility specialists, across the region and the United States.

GenPrime’s approach harnesses AI-powered diagnostics to optimise the fertility journey, freeing specialists from repetitive tasks and allowing them to focus more on patient care. This technology aids in everything from initial reproductive planning to IVF laboratory decisions. The clinic also embodies a patient-first philosophy, offering emotional and mental health support through partnerships with wellness brands like Eu Yan Sang and Moom Health.

Margaret Wang, CEO of Rhea Fertility, stated, “Our goal is to provide more than just clinics; we want to be a trusted partner for anyone seeking fertility help, providing unwavering support, empathy, and comprehensive fertility solutions through a single platform.”

The launch comes at a time when Singapore’s fertility rate remains at a historic low, reflecting a broader regional trend. GenPrime plans to expand further across Southeast Asia, aiming to enhance access to evidence-based fertility care.
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OceanX Education has announced the appointment of Professor Tit Meng Lim as its new APAC Regional Executive Director, effective 16 July 2025. Based in Singapore, Prof Lim will lead the organisation’s strategic growth and outreach efforts across Asia, focusing on enhancing ocean literacy and environmental engagement.

Prof Lim, a prominent figure in science education, brings over 30 years of experience from academia and government-linked institutions. He previously served as Chief Executive of the Science Centre Singapore, where he spearheaded national STEM initiatives and transformed science learning into community-driven experiences. His leadership roles at the National University of Singapore included Vice Dean of the Faculty of Science, where he advanced interdisciplinary science curricula.

Mark Dalio, Founder and Executive Chairman of OceanX Education, praised Prof Lim as a “visionary” with unmatched ability to bridge science education, public engagement, and cross-cultural collaboration. Prof Lim expressed his enthusiasm for his new role, stating, “To be part of building a movement that brings the ocean to life for learners across the region is deeply meaningful.”

In his new position, Prof Lim will focus on scaling OceanX Education’s footprint in Asia by establishing new programmes that integrate science education with immersive storytelling and public programming. He will also work on building institutional partnerships and long-term funding strategies, overseeing operations and organisational planning.

This appointment marks a significant step in OceanX Education’s global strategy, reinforcing its commitment to developing future ocean leaders in Asia.
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Chef Antonio Tay, owner of Oasis Hideout, is marking Singapore’s 60th anniversary with a special culinary creation, the ‘Harmony Platter’. This dish is a tribute to the nation’s rich cultural diversity and is available from now until 30 September 2025. Antonio, a second-generation hawker, aims to evoke a sense of national pride and unity through this gastronomic offering.

The Harmony Platter features a selection of dishes representing Singapore’s four main cultures. Chinese cuisine is highlighted with sautéed cabbage, har cheong chicken popraage, and sweet and sour fish. Malay dishes include merah goreng ayam, beef rendang, and satay skewers. Indian flavours are showcased with masala curry barramundi or chicken. The platter also includes a universal omelette and nasi lemak pandan, symbolising the diverse cultural tapestry of Singapore.

Antonio, reflecting on his journey from a hawker boy to a chef-owner, said, “Being Singaporean, we often take for granted the rich tapestry of food that we have from so many cultures. Over 60 years, we have learnt to break bread together, setting aside boundaries to live and dine harmoniously.”

Priced at $44 (S$60) nett, the platter is designed for a family of four, offering a nostalgic and comforting dining experience. Oasis Hideout, known for its blend of Western and Asian flavours, continues to serve a variety of dishes, including favourites like laksa seafood pasta and tom yam seafood pasta.

This initiative not only celebrates Singapore’s culinary heritage but also reinforces the importance of unity and harmony in the nation’s journey.
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