Industry News

Hilton, in collaboration with Aravest and Wee Hur Property Pte. Ltd., has announced the debut of the DoubleTree by Hilton brand in Singapore. The new hotel, DoubleTree by Hilton Singapore Robertson Quay, is set to open in 2026 following a comprehensive transformation of the existing Hotel Miramar. This marks Hilton’s fifth brand in Singapore, expanding its presence in the Asia Pacific region.

The 344-room riverfront hotel will undergo extensive renovations to revitalise its guestrooms, meeting spaces, and amenities, including a new kids’ club and pickleball courts. Located along the Singapore River in Robertson Quay, the hotel will offer convenient access to key business and leisure destinations, such as Clarke Quay and Orchard Road.

Moses K Song, CEO of Aravest, expressed confidence in the project’s potential, stating, “We are confident that the hotel’s refreshed design, uplifted spaces and thoughtful amenities will be further enhanced by DoubleTree’s signature warmth and hospitality, creating memorable stays for every guest.” Maria Ariizumi, Hilton’s vice president of Development for South East Asia, highlighted the strategic importance of the project, noting that it will expand the property’s market reach and contribute to the vibrancy of Robertson Quay.

The partnership reflects a shared commitment to enhancing Singapore’s hospitality landscape through innovative asset enhancement initiatives. With this opening, Hilton will add to its Singapore pipeline of more than 500 rooms, including the upcoming NoMad Singapore. The DoubleTree by Hilton brand is renowned for its warm hospitality and adaptability, making it an ideal choice for this strategic expansion.

Soon Hock Enterprise Holding Limited has reported a notable increase in pre-sales for its industrial development, Stellar@Tampines. As of 31 October 2025, the company has pre-sold 222 units, up from 168 units on 15 September 2025, reflecting strong market interest in the nine-storey development located in Singapore’s east region.

The development offers 311 strata-titled units with a total saleable area of 49,558 square metres. The project is valued at an estimated $238.5m (S$326.5m). Soon Hock Enterprise aims to secure a partial Temporary Occupancy Permit by the end of 2025, with full completion expected by March 2026.

Executive Director and CEO Walter Tan Min Loon highlighted the project’s appeal, stating, “The continued strong pre-sales performance demonstrates the market’s confidence in Stellar@Tampines’ flexible layouts, functional design, and future-ready features.” The development’s innovative design and sustainability features have been key factors in its success.

With options to purchase issued for an additional 24 units, Soon Hock Enterprise continues to demonstrate its commitment to delivering high-quality industrial spaces that meet evolving business needs.

Novo Tellus, a prominent private equity firm, has successfully concluded its transformative growth partnership with Grand Venture Technology (GVT), a leading manufacturing supplier for global semiconductor equipment companies. This partnership, initiated in March 2021 with a S$30m investment, has significantly enhanced GVT’s manufacturing capacity and capabilities over the past four years.

The collaboration culminated in July 2025 when Aalberts Advanced Mechatronics, a global manufacturing leader, announced its acquisition of GVT at S$0.94 per share. The transaction was finalised on 27 October 2025. Julian Ng, CEO of GVT, expressed pride in the achievements made during the partnership, highlighting the company’s expansion into new markets and the establishment of a new factory in Penang.

Under Novo Tellus’s guidance, GVT completed three successful mergers and acquisitions in Singapore, Malaysia, and China, bolstering its talent pool and operational scale. The company also received the Best Supplier Award from LAM Research, a strategic customer, and attracted investment from global blue-chip asset managers.

Loke Wai San, Managing Partner of Novo Tellus, praised the leadership at GVT, noting the recognition of Julian Ng and Robby Sucipto as CEO and CFO of the Year at the Singapore Corporate Awards 2025. As GVT transitions under Aalberts’ ownership, the foundation laid by Novo Tellus is expected to support continued growth and success in the global manufacturing sector.

Singlife, a prominent financial services company, has announced an enhancement to its insurance coverage for the Ministry of Defence (MINDEF) and Ministry of Home Affairs (MHA) Group Insurance Scheme. Starting 1 November 2025, the Core Scheme coverage will rise from S$300,000 to S$350,000, providing increased protection for in-service personnel, NSmen, and NS volunteers. This scheme includes Group Term Life (GTL) and Group Personal Injury (GPI) policies, offering comprehensive life and personal accident insurance.

Pearlyn Phau, Group CEO of Singlife, stated, “This enhancement reflects Singlife’s enduring commitment to those who serve Singapore. For over four decades, we’ve stood alongside MINDEF and MHA, evolving our protection to meet the changing needs of our servicemen and women.”

In addition to the Core Scheme, Singlife offers a Voluntary Scheme, allowing servicemen to enhance their coverage, add riders for critical illness and disability, and extend benefits to their dependants. This coverage remains affordable and continues post-service, provided premiums are maintained. Members and their families also benefit from exclusive discounts on various Singlife products and access to Singlife Rewards, which offers perks across food and beverage, wellness, and shopping sectors.

Singlife, originally formed from the merger of Aviva Singapore and Singlife in 2022, has been safeguarding servicemen since 1983. The company, now a subsidiary of Sumitomo Life, continues to be a key player in the insurance sector, with a strong commitment to sustainable practices.

Sheng Siong Group has reported a 12% increase in net profit, reaching S$43.8m for the third quarter of the financial year 2025. This growth is attributed to a 14.4% rise in revenue, totalling S$415.5m, driven by the opening of new stores and enhanced comparable same-store sales. The company also noted a slight improvement in its gross profit margin, which increased by 0.2 percentage points to 31.5%.

The supermarket chain opened four new stores in the third quarter, including a location at Blk 221 Mount Vernon Rd in October. Another store is slated to open at Leisure Park Kallang in the fourth quarter. This expansion is part of Sheng Siong’s strategy to increase its retail footprint, particularly in Singapore’s housing estates.

Despite the positive financial results, the company faces challenges in the competitive supermarket industry, including aggressive promotions and rising operational expenses. Sheng Siong plans to address these challenges by enhancing efficiency and productivity through technology and supply chain diversification.

Looking ahead, the group aims to continue its expansion, with plans to open at least three new stores annually. Additionally, a new distribution centre at Sungei Kadut is expected to support up to 120 supermarkets, providing a foundation for further growth. In China, Sheng Siong’s operations contributed 2.5% to total revenue for the first nine months of FY2025, with ongoing efforts to improve operational efficiency and sales mix.

SGInnovate and FusionX have launched FusionX:Singapore, marking the city-state’s inaugural event dedicated to the global fusion energy industry. The event, held on 30 October, brought together investors, innovators, and policymakers to discuss the commercialisation of fusion energy and Singapore’s potential role in this emerging sector.

The event featured a keynote by Phil Larochelle from Breakthrough Energy Ventures, who outlined the global fusion investment landscape, highlighting recent funding trends and the pathways towards commercialisation. A panel discussion, moderated by Stuart Allen of FusionX Group, explored the potential of fusion markets in Singapore and globally, with contributions from leaders at Khosla Ventures, Lowercarbon Capital, and TRIREC.

Hsien-Hui Tong of SGInnovate noted that whilst Singapore has the potential to be a first mover in fusion, regulatory barriers need addressing. Presentations from innovators such as Enable Fusion and Astral Systems showcased fusion’s applications in fields like medical imaging and artificial intelligence.

The event also addressed talent development, with experts from MIT and A*STAR discussing workforce needs and collaboration models. Minister of State for Trade and Industry Gan Siow Huang engaged with experts to understand the challenges and opportunities in the fusion sector.

In conjunction with the event, TRIREC and A*STAR released a whitepaper examining the fusion landscape and its commercial viability. Stuart Allen remarked, “Singapore is in an ideal position to play a catalytic role in the global fusion ecosystem.”

FusionX:Singapore, part of the Singapore Week of Innovation and Technology 2025, aims to foster ongoing dialogues and partnerships to grow the fusion ecosystem in the region.

DFI Retail Group Holdings Limited has announced a robust performance for the third quarter of 2025, with a 48% year-on-year increase in underlying profit. This growth is attributed to strategic enhancements in value offerings and a focus on high-margin categories. The group’s underlying subsidiary sales, excluding cigarettes, rose by 3% year-on-year, with significant contributions from the Health & Beauty and Food segments.

The group’s financial health has improved markedly, transitioning from a net debt of $468m at the end of 2024 to a net cash position of $648m by 30 September 2025. This financial turnaround enabled the declaration of a special dividend of US¢44.30 per share, amounting to $600m, paid in October 2025.

In the Health & Beauty division, like-for-like (LFL) sales increased by 5%, bolstered by strong growth in healthcare categories and e-commerce expansion. The Convenience division faced a 2% decline in LFL sales due to reduced cigarette volumes, yet non-cigarette categories remained stable. The Food division saw a 3% rise in LFL sales, aided by strategic pricing and promotional efforts.

The group’s omnichannel strategy has driven double-digit growth in e-commerce sales, with DFIQ Media completing 290 targeted advertising campaigns by September 2025. Looking ahead, DFI Retail Group aims to enhance its market share and profitability through data-driven insights and a sharpened business focus. The group maintains its full-year profit guidance of $250m to $270m, with organic revenue growth projected between 0.5% and 1.0%.

Sunway Property, Malaysia’s Master Community Developer, has announced that its Singapore operations will now operate under the name Sunway MCL. This rebranding follows Sunway Group’s acquisition of MCL Land for S$738.7m, marking a significant expansion in the company’s regional property portfolio.

The merger of Sunway’s five decades of expertise with MCL Land’s six-decade legacy in Singapore aims to create a robust platform for delivering premium and sustainable developments. Datin Paduka Sarena Cheah, Executive Deputy Chair of Sunway Group, stated, “The establishment of Sunway MCL marks an important milestone in Sunway’s growth journey.”

Sunway MCL is now positioned as one of Singapore’s leading residential developers, with nine ongoing projects valued at approximately S$4.5b. The projects, including ELTA, Nava Grove, and Tembusu Grand, will continue under the Sunway MCL brand, reinforcing its presence in the city-state’s residential market.

Under the leadership of Managing Director Chung Soo Kiong and CEO Lee Tong Voon, Sunway MCL will focus on creating homes that embody “timeless elegance and enduring warmth.” The acquisition also includes MCL Land’s Malaysian assets, further strengthening Sunway Property’s regional footprint.

This strategic move aligns with Sunway Property’s long-term vision of building connected communities across Malaysia and Singapore, supported by Sunway’s integrated ecosystem in property, construction, healthcare, education, and hospitality.

Calvin Kuan has been named the new client service manager for Southeast Asia at FM, a commercial property insurer, effective 1 November. Based in Singapore, Kuan will oversee FM’s underwriting and client service teams, aiming to enhance the delivery of insurance products and services whilst managing both existing and new business relationships.

Kuan’s journey with FM began in November 2013 as a consultant engineer, later advancing to account engineer and most recently serving as an account manager. His prior experience in the electronics and semiconductor industries has equipped him with a robust engineering background. James Thompson, senior vice president and division manager for Asia Pacific at FM, expressed confidence in Kuan’s appointment, stating, “His deep client experience over 12 years with FM makes him the ideal choice for the CSM role. He truly understands the unique risks and challenges faced by our Southeast Asia clients.”

Kuan’s educational credentials include a bachelor’s degree in chemical engineering and a Master of Business Administration from the National University of Singapore. He also holds professional certifications in risk management and insurance.

FM, established nearly two centuries ago, is a mutual insurance group dedicated to property risk management and resilience. The company collaborates with many of the world’s largest organisations, including one in every four Fortune 500 companies, to enhance business continuity through effective risk management strategies.

The Asian Infrastructure Investment Bank (AIIB) has entered into agreements with Maybank, CIMB, AmBank, and BPMB to mobilise up to $6b for sustainable infrastructure projects across the ASEAN region. Announced after the ASEAN Summit in Kuala Lumpur on 31 October 2025, the partnerships aim to advance green and inclusive infrastructure, enhance regional connectivity, and attract private capital to meet ASEAN’s infrastructure demands.

The collaboration will focus on investments in renewable energy, power transmission, transport, digital infrastructure, and telecommunications. AIIB’s Chief Investment Officer, Kim-See Lim, stated, “These agreements reaffirm our shared commitment to financing infrastructure that is green, technology-enabled, and regionally connected.”

Maybank’s Group CEO of Global Banking, Dato John Chong, highlighted the bank’s role in accelerating investments in digitalisation and energy resilience through initiatives like the ASEAN Power Grid (APG). CIMB’s CEO of Group Wholesale Banking, Chu Kok Wei, emphasised the bank’s commitment to sustainable finance, targeting RM300b by 2030.

AmBank’s Group CEO, Jamie Ling, expressed the bank’s dedication to projects that drive economic growth and climate resilience. BPMB’s Managing Director, Wee Yee Tat, noted the alignment with AIIB in promoting equitable development and energy transition.

The agreements, valid until October 2031, align with AIIB’s strategy to leverage private sector expertise for sustainable solutions. The initiative also supports the APG, aiming to enhance energy interconnection in Southeast Asia.