Industry News

MoneyHero Limited, a prominent personal finance and digital insurance platform in Greater Southeast Asia, has unveiled a new three-click travel insurance purchase feature for its members in Singapore. This innovation is designed to cater to the increasing travel plans of Singaporeans in 2025, with 53% intending to spend more on holidays compared to 2024. The feature allows users to compare policies from top insurers and complete purchases in just three steps, reducing the time required by over 75%.

The new feature addresses the common inconvenience faced by frequent travellers who must compare multiple insurance policies before each trip. By enabling MoneyHero Group members to select a preferred policy, review details, and make payments in three simple clicks, the process is significantly streamlined. Users can also autofill personal details from previous purchases, eliminating repetitive form-filling.

This enhancement not only benefits customers by providing faster access to coverage but also aids insurers by improving conversion rates and increasing policy sales. Rohith Murthy, CEO of MoneyHero, stated, “Travellers today seek efficiency and convenience, and they don’t want to waste time filling out the same forms every time they travel. They want a fast, seamless way to compare and purchase insurance with minimal effort.”

MoneyHero’s insurance business has seen a 54% increase in revenue year-over-year in the first nine months of 2024. The company plans to extend the three-click purchasing feature to additional insurance products and markets, further solidifying its position in the digital insurance sector.
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Colliers International has been appointed as the exclusive agent for the sale of a 3-storey strata terrace factory with a basement and roof terrace at Midview City, Singapore.

The property is being marketed through an Expression of Interest (EOI) exercise, offering investors a chance to secure a high-yielding industrial asset in a prime location.

Located in the Sin Ming Industrial Estate, Midview City is an integrated light industrial development comprising six 8-storey blocks and a row of 3-storey terrace blocks. The site is conveniently accessible via Sin Ming Lane and Bright Hill Drive, with the latter being a short 10-minute walk from Bright Hill MRT Station on the Thomson-East Coast Line.

The factory spans a strata area of approximately 9,009 square feet and is zoned “Business 1” under the Urban Redevelopment Authority’s Masterplan 2019. It holds a leasehold tenure of 60 years from 23 January 2008, leaving around 43 years remaining. Notably, the property is fully occupied and approved for use as a childcare centre, currently leased to one of Singapore’s largest private preschool operators.

Raphael Lee, Director of Industrial Services at Colliers, highlighted the property’s appeal: “Midview City is well-known for its prime location with a diverse mix of businesses and has proven to be an attractive choice for many companies and investors.”

The guide price for the property is set at $4.5m (S$6.2m), translating to $500 (S$688) per square foot on the strata area. The sale is open to foreign buyers, with no Additional Buyer’s Stamp Duty applicable. The EOI closes on 29 April 2025 at 3pm.
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Catherine Wu has resigned as an unpaid independent adviser to Millennium & Copthorne Hotels Limited (MCHL) with immediate effect, according to an official statement by Kwek Leng Beng, Executive Chairman of City Developments Limited (CDL). Dr Wu, who had served in this role since August 2024, previously held a director position on the MCHL Board from June 2022 to January 2024.

The resignation comes amidst a backdrop of corporate governance disputes within CDL. The CEO of CDL had previously cited serious governance issues involving Dr Wu as a primary reason for a boardroom coup. With Dr Wu’s departure, Kwek Leng Beng emphasised the need to restore investor confidence and address governance breaches allegedly committed by the CEO and his team.

Under the CEO’s leadership, CDL has faced significant challenges, including a S$1.9b loss due to the Sincere Property debacle in FY2020 and a 94% profit decline in the first half of 2023 due to poor investment decisions in the UK property market. These issues have contributed to CDL’s share price underperforming compared to its peers since 2018.

Kwek Leng Beng stressed the importance of strengthening CDL’s corporate governance framework to align with shareholders’ long-term interests. He expressed confidence that focusing on CDL’s core businesses would restore investor confidence and enhance shareholder value over time.
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8picure, a cosy 18-seater restaurant in Singapore, has announced a refresh of its popular 8-course degustation menu, set to launch on 1 April 2025. The updated menu will feature ingredients from new and lesser-known suppliers, alongside innovative cooking techniques inspired by Chef Gabriel Lee’s culinary explorations across Europe.

Chef Gabriel, a former banker turned chef, has infused his passion for Italian cuisine with Asian influences, creating a unique fusion dining experience. His journey began with a Cuoco Certificate from Chef Academy in Terni, Italy, and an internship at The Kingham Plough in Oxfordshire, England. These experiences shaped his culinary style, which he now shares with diners at 8picure.

The restaurant, located at River Valley, underwent an ambience refresh in October 2024 to align with evolving customer preferences. The new interior features a verdant green palette, replacing the previous austere black, to enhance its casual fine dining atmosphere.

Signature dishes on the refreshed menu include the Singaporean-Italian fusion 8picurean Crabcake with Chilli Crab Sauce and Italian-Asian Tuna Salsa with Prawn Crackers. The Sakura Ebi Capellini and 8picurean Tiramisu are also highlights. The degustation menu is priced at $72 (S$98)+ per head.

Chef Gabriel’s vision for 8picure is to offer an intimate dining experience that balances personal touch with the ability to host small dining parties. “I most enjoyed cooking for small groups at home, but I also wanted to cook for more people,” he said. The restaurant’s name, 8picure, reflects this fusion of epicurean delight and Chinese heritage.
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Qubit, a Pune-based startup known for its real-time cinematic solutions, has expanded its operations to Singapore, registering as Visualscape Singapore Pte Ltd. This move is part of Qubit’s strategy to establish a global footprint, with Singapore serving as a pivotal hub for its international operations. The company projects ₹100 crore in revenue from its Singapore operations within the next two years.

Singapore’s digital economy, which accounts for 18% of the nation’s economic output, is expected to become one of the top three investment destinations in the Asia Pacific by 2025. This makes it an ideal launchpad for Qubit, especially as the real estate sector anticipates the launch of 12,000–14,000 new residential units in 2025, driving demand for advanced 3-D visualisation technologies.

Ajjay Parge, founder of Qubit, stated, “Establishing our presence in Singapore is a strategic move to build credibility in a technology-forward market before expanding further. Our Singapore operations will act as a launchpad, enabling us to seek projects from multiple countries like the Philippines and UAE.”

Qubit’s flagship product, Navigo, has already achieved a turnover of ₹15 crore in its first nine months, indicating strong market traction. The company plans to expand its workforce from 60 to 150 employees and double its operational space within the next year. As Qubit continues its expansion, it aims to secure high-profile projects in international luxury real estate markets and achieve ₹10,000 crore in sales by 2025-26.
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The Urban Redevelopment Authority has concluded the tender for a site at Media Circle (Parcel A), part of the second half of 2024 Government Land Sales programme. The site, capable of yielding approximately 325 residential units and 400 square metres of commercial space, attracted three bids. The highest bid, submitted by CNQC Realty (Bloomsbury) Pte. Ltd., Forsea Residence Pte. Ltd., and Hoovasun Holding Pte. Ltd., was S$315m, equating to about S$1,037 per square foot per plot ratio (psf ppr).

This bid was 5.7% higher than the next highest offer from EL Development Pte Ltd, which stood at S$298m or S$981 psf ppr. However, these figures fell short of initial expectations and were lower than the land rate of a neighbouring site sold earlier this year.

The previous site at Media Circle was awarded in February 2024 to CNQC Realty (Clementi) Pte. Ltd. and Forsea Residence Pte. Ltd. for S$395,288,889 or S$1,191 psf ppr. The lower bids for Parcel A may reflect a cautious approach due to its distance from MRT stations and amenities compared to other sites in the one-north area.

Despite this, the future development may attract those seeking a quieter residential area surrounded by lower-rise buildings. The commercial elements of the site are expected to bolster the area’s residential appeal, complementing the business-centric environment of one-north.

Justin Quek, CEO of OrangeTee & Tie, noted that the site’s proximity to the one-north business precinct, National University Hospital, National University of Singapore, and the Science Park business area could drive demand from professionals and investors. Additionally, expatriates with children at the nearby Tanglin Trust School may contribute to future rental demand. The tender for another plot, Media Circle (Parcel B), is set to close in April 2025.
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The Urban Redevelopment Authority (URA) has announced the results of the government land sales tender for Media Circle Parcel A, located in the one-north precinct of the Rest of Central Region. The site, which can accommodate approximately 325 private residential units and 400 square metres of commercial space, received a moderate response with three bids. The highest bid, amounting to S$315m, was jointly submitted by Qingjian Realty, Forsea Holdings, and Hoovasun Holding, translating to a land rate of S$1,037 per square foot per plot ratio (psf ppr).

This bid is notably lower than the S$1,191 psf ppr achieved for a nearby site, set to become Bloomsbury Residences, awarded to Qingjian Realty and Forsea Holdings in February 2024. Wong Siew Ying, Head of Research and Content at PropNex, noted that the distance from the nearest MRT station and the lack of nearby primary schools might have contributed to the measured interest from developers.

Despite these challenges, the thriving research and development sector in one-north and government plans to enhance biosciences and medtech infrastructure could bolster housing demand in Media Circle. The Budget 2025 announcement of new state-of-the-art facilities aims to attract more companies and workers, potentially increasing homebuying and leasing interest.

Looking ahead, developers are expected to remain cautious in their site acquisition strategies, focusing on key locational attributes. The tender for Media Circle Parcel B, which could yield 500 residential units, is set to close in April 2025. The projected average selling price for developments on Parcel A is anticipated to exceed S$2,500 psf.
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The recent Urban Redevelopment Authority (URA) tender for Media Circle Parcel A, a residential site with commercial space on the first storey, concluded with a cautious response from developers. Despite a strong performance in January’s new launches, only three bids were submitted for the 325-unit plot, reflecting developers’ selective approach amidst economic uncertainties and rising costs.

The top bid of S$315m, or S$1,037 per square foot per plot ratio (psf ppr), was placed by a consortium of Qingjian Realty, China Communications Construction Co., and Siong Construction & Engineering Pte Ltd. This bid was 13% lower than the adjacent Media Circle site, which was awarded at S$1,191 psf ppr in February 2024. The top bid also surpassed the next highest offers from EL Development and Sing-Haiyi by 6% to 7%.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that developers are likely cautious due to the availability of more attractive sites under the Government Land Sales (GLS) programme, coupled with heightened construction and financing costs. The location’s appeal is further limited by its distance from the nearest MRT station and lack of comprehensive amenities, making it less attractive to local owner-occupiers.

The one-north area, known for its strategic R&D hub, appeals more to expatriates and young professionals. However, the ample new supply and potential competition from upcoming projects like Bloomsbury Residences and unsold inventory at nearby developments may also deter developers. The future launch price for the Media Circle project is expected to be around S$2,350 to S$2,450 psf, lower than nearby projects closer to the MRT station.
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SC Capital Partners, a Singapore-based private equity real estate firm, has announced the successful sale of a student accommodation asset in Sydney to UNSW Sydney. The property, located at 159-171 Anzac Parade and 1 Lorne Avenue Kensington, was sold at a significant premium to its acquisition price and a 19% premium to its current book value. The asset, which includes 233 student beds and a commercial podium, is strategically situated within 600 metres of the UNSW Kensington Campus.

The student accommodation, fully leased to UNSW, benefited from a 20-year master lease secured by SC Capital Partners in 2019, enhancing its income profile and valuation. Since its acquisition in 2016, the Sydney student accommodation market has seen substantial growth due to increased enrolments, highlighting the robust demand for such living assets in Australia.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, stated, “This high-profile asset has delivered excellent value and return for our investors. As an investment manager committed to key investment thematics with strong demographic driven tailwinds, we were an early mover in the highly sought after student accommodation sector.”

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DBS has launched a new service, DBS SecureFX, enabling small and medium-sized enterprises (SMEs) to lock in foreign exchange rates up to one month in advance. This service, a first for a Singapore bank, allows SMEs to secure rates for up to US$1m across five currency pairs without requiring credit lines or incurring additional costs. The initiative is part of DBS’ efforts to support SMEs as they expand into global markets.

The introduction of DBS SecureFX comes as SMEs increasingly engage in cross-border transactions. According to DBS’ Business Pulse Check Survey, 70% of SMEs plan to allocate capital towards regionalisation. In 2024, over 80% of SME customers conducted foreign exchange transactions for cross-border payments. With the recent spike in volatility for currencies like the Euro, Japanese Yen, and British Pound, DBS SecureFX offers a solution for managing cash flow and foreign exchange risks.

Eileen Chia, Regional Head of Corporate Advisory, Global Financial Markets at DBS, emphasised the bank’s commitment to supporting SMEs: “SMEs form the bedrock of Singapore’s economy and contribute around half of our country’s GDP. As a purpose-driven bank with our roots as the Development Bank of Singapore, we are committed to supporting our SMEs as they expand into regional markets to capture new opportunities across Asia.”

DBS SecureFX is currently available to SME and selected corporate customers in Singapore through the DBS IDEAL platform, with plans to extend the service to other corporate customers. The bank has been recognised for its innovative approach to foreign exchange services, having been named Most Innovative Bank for Foreign Exchange and Singapore’s best foreign exchange bank by Global Finance in 2025.
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This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.