Industry News

The United Nations Development Programme (UNDP) and Singapore-based Trigger Asset Management have announced a new partnership to bolster investment and support for startups and businesses aligned with the Sustainable Development Goals (SDGs). The initiative, named Origin, seeks to leverage UNDP’s global expertise and Trigger’s investment acumen to create a robust ecosystem for mission-driven ventures.

Origin will focus on several key areas, including the design and launch of investment opportunities for SDG-aligned startups, supported by structured acceleration and incubation pathways. Additionally, a next-generation digital platform powered by AI and Web3 technologies will be developed to facilitate connections between startups and investors, enhancing collaboration and efficiency.

The partnership will also establish a comprehensive database of startups nurtured by UNDP’s accelerator programmes, enabling smart matchmaking between ventures, donors, and investors. Tailored capacity-building programmes, including training in SDG impact management and innovative financing, will be offered to enhance business development and project design skills.

Robert Pasicko, Team Leader for UNDP’s Alternative Finance Lab, highlighted the potential of SDG-aligned startups, stating, “This partnership with Trigger is about bridging that gap—making it easier for impact investors to find and fund ventures solving real-world problems whilst giving those ventures the tools and networks they need to thrive.”

Goh Seh Harn, CEO of Trigger Asset Management, emphasised the transformative potential of the collaboration, noting, “We are building an ecosystem where capital not only scales businesses but also fuels systemic change for people and the planet.”

By combining their strengths, UNDP and Trigger aim to support a new generation of investment-ready startups capable of delivering sustainable social and environmental impact on a global scale.
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IHH Healthcare, a leading global healthcare provider, has secured a landmark S$300m sustainability-linked loan from UOB, marking the first such loan for both the company and the bank in the healthcare sector. This agreement underscores IHH’s commitment to sustainable practices, aiming to cap carbon growth by 2025 and achieve net-zero emissions by 2050.

The loan is structured under UOB’s Sustainability-Linked Financing Framework, which provides clients with pre-approved and externally validated key performance indicators and sustainability performance targets. This framework is designed to integrate sustainability into business strategies effectively.

IHH, with over 140 healthcare facilities in 10 countries, including more than 80 hospitals, is dedicated to operating in an environmentally responsible manner. The company’s recent inclusion in the FTSE4Good Index highlights its commitment to embedding environmental, social, and governance principles across its operations.

Dilip Kadambi, IHH’s Group Chief Financial Officer, stated, “We see sustainability as an opportunity to create lasting impact. We are proud to advance sustainable financing through this loan.”

UOB, recognised as the Best Bank for Sustainable Finance in Singapore by Global Finance, has provided S$16.6b in sustainability-linked loans across various sectors as of 31 December 2024. Ang Moh Chuan, Managing Director of Group Corporate Banking at UOB, emphasised the bank’s commitment to supporting businesses in their transition to a low-carbon economy.

This partnership between IHH and UOB exemplifies how sustainable finance can drive meaningful change, setting a precedent for future collaborations in the healthcare sector.
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Developers have shown a marked reluctance to bid on a residential site near Singapore’s One North, highlighting increasing concerns over market stability. The site, which was expected to attract significant interest due to its prime location, has instead seen developers hesitate, citing uncertainties in the real estate market as a primary reason for their caution.

The reluctance comes amidst a backdrop of fluctuating property prices and regulatory changes that have left developers wary of committing to new projects. The site, located in a region known for its proximity to tech and research hubs, was anticipated to be a hotbed for development. However, the current economic climate has prompted a more cautious approach.

Industry experts suggest that the hesitation is indicative of broader market trends, where developers are increasingly prioritising risk management over expansion. “The current environment demands a more strategic approach to investments,” noted a real estate analyst. “Developers are weighing the potential returns against the risks more carefully than ever before.”

This development is part of a larger pattern of cautious investment strategies being adopted across Asia’s real estate markets. As developers navigate these uncertain times, the focus is likely to remain on stability and long-term planning rather than immediate growth.

The implications of this trend could see a slowdown in new residential projects, potentially impacting housing supply in the region. As the market continues to evolve, stakeholders will be closely monitoring these developments to adapt their strategies accordingly.
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AIA Singapore has unveiled a series of initiatives to commemorate Singapore’s 60th anniversary, focusing on holistic wellbeing for citizens of all ages. Announced on 30 April, these initiatives aim to empower individuals and families to improve their physical, financial, and mental health, whilst also fostering community engagement and environmental conservation.

Amongst the highlights is the launch of the “Live Better with AIA Monopoly” game, a customised version of the classic board game that encourages players to make informed decisions about health, wellness, and financial planning. The game features Singapore-specific elements, such as local slang and cultural experiences, to engage players in a journey of self-growth and community involvement.

AIA Singapore is also rolling out a family-centric campaign offering up to 20% off eligible plans and a free family adventure pass to Mandai Wildlife Reserve. This initiative, running from 6 May to 31 July, aligns with the National Family Festival and aims to help families build a strong financial foundation.

In collaboration with Rainforest Wild ASIA at Mandai Wildlife Reserve, AIA Singapore is promoting wildlife conservation and healthier lifestyles. This partnership is part of the AIA One Billion initiative, which seeks to empower one billion people to live healthier lives by 2030.

For high-net-worth clients, AIA Singapore is offering bespoke experiences through its AIA Altitude programme, including exclusive events and a specially designed silk scarf by local designer Mike Tay. These initiatives reflect AIA’s commitment to holistic wellness, transcending mere financial wellbeing.

As part of its corporate social responsibility efforts, AIA Singapore is enhancing community bonds through volunteer programmes and fundraising activities, with proceeds supporting the AIA Better Lives Fund. These efforts underscore AIA’s dedication to making a positive social impact as Singapore celebrates its milestone anniversary.
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Singapore’s labour market has shown signs of weakening, with the unemployment rate rising to 2.1% in the first quarter of 2025, up from 1.9% in the previous quarter, according to the Ministry of Manpower’s Labour Market Advance Release. This marks the first increase in four quarters, driven by a rise in citizen unemployment to 3.1% and resident unemployment to 2.9%.

The slowdown in job creation, particularly in outward-oriented sectors such as professional services, manufacturing, and information and communications, is attributed to rising global trade tensions and economic uncertainty. Job gains fell significantly to 1,300 in Q1 from 6,700 in Q4, whilst the hiring outlook of firms weakened, with only 40.5% of firms planning to hire, down from 46.3% in the previous quarter.

Despite the rise in unemployment, redundancies remained stable at 3,300, close to the pre-pandemic average. The Ministry of Manpower noted that business reorganisation or restructuring was the primary reason for redundancies, indicating that job losses have been contained so far.

Nomura has adjusted its unemployment rate forecasts, raising the 2025 prediction to 2.4% and the 2026 forecast to 2.9%, reflecting the unexpected uptick in Q1 and a weaker hiring outlook. The firm anticipates further moderation in labour demand, particularly in externally oriented sectors, as the impact of US tariffs becomes more pronounced in the second half of the year.

The subdued labour market conditions are expected to support Nomura’s core inflation forecast of 0.9% for 2025, below the consensus forecast of 1.5% but within the Monetary Authority of Singapore’s range. This aligns with expectations of easing wage growth and continued subdued inflation pressures.
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Allianz Insurance Singapore has unveiled a pioneering initiative, Recycle My Tyres, offering free tyre recycling to all drivers in Singapore. This programme, launched in collaboration with Global Enviro Technology, allows drivers to drop off used tyres at participating workshops, where they will be transformed into valuable materials such as recycled carbon black, syngas, and steel using advanced RF plasma pyrolysis technology.

The initiative aims to address the growing pressure on landfills by providing a sustainable disposal option for tyres, aligning with Singapore’s broader environmental goals. Ong Bi Ying, Chief Operating Officer of Allianz Insurance Singapore, stated, “As an insurer, we see first-hand the impact mobility has on our environment. That’s why we’re taking this step, not just for our customers, but also for the wider community of drivers who care about making more sustainable choices.”

Global Enviro Technology, a leader in sustainable waste management, will partner with Allianz to track the number of tyres collected and estimate the carbon savings achieved through recycling. This data will help raise awareness about the environmental benefits of the programme.

The Recycle My Tyres initiative is open to the general public, allowing any driver to participate by visiting participating Allianz-authorised workshops. This effort marks the first insurer-led tyre recycling initiative in Singapore, setting a precedent for sustainable automotive waste management. For more details and to locate a participating workshop, interested individuals can visit Allianz’s dedicated microsite.

ISDN Holdings, a company listed on the Singapore Exchange (SGX), is positioning itself for long-term growth through strategic expansion and diversification. The company has seen its renewable energy segment’s revenue more than double in the first half of 2024, whilst other segments have remained stable. This growth is part of ISDN’s broader strategy to ensure continued expansion across its various business operations.

The company has faced challenges with declining revenue and profitability between the financial years 2021 and 2023. In response, ISDN Holdings is actively working to improve its financial performance. The management has outlined plans to address these issues, focusing on enhancing revenue streams and operational efficiency.

ISDN Holdings operates in four main business segments, with renewable energy showing significant growth. The company is exploring strategies to maintain momentum across all segments, ensuring balanced growth. This approach includes leveraging existing strengths and exploring new opportunities within the industry landscape.

The company does not currently have a fixed dividend policy, which allows it flexibility in reinvesting profits to support its growth initiatives. This strategic decision aligns with ISDN’s focus on long-term sustainability and expansion.

In summary, ISDN Holdings is committed to strengthening its market position through strategic diversification and expansion. The company’s focus on renewable energy and operational improvements is expected to drive future growth, positioning it well for the evolving market demands.
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CapitaLand Ascendas REIT (CLAR) has announced its business updates for the first quarter of 2025, highlighting significant investments totalling $458.2 million across the US and Singapore. These strategic moves are aimed at generating new income streams and enhancing portfolio value. Notably, CLAR completed the acquisition of the DHL Indianapolis Logistics Centre for $153.4 million, a modern Class A logistics property with an 11-year lease term, ensuring income stability. Additionally, the redevelopment of 1, 1A, and 1B Science Park Drive in Singapore was finalised for $300.2 million, achieving a 95% leasing milestone.

The REIT’s operational performance remains stable, with a healthy portfolio occupancy of 91.5% as of 31 March 2025. The average portfolio rental reversion for leases renewed in Q1 2025 stood at +11.0%, with expectations for a positive mid-single digit range for the full year. The portfolio’s weighted average lease expiry by gross revenue is stable at 3.8 years, providing further income stability.

CLAR’s disciplined capital management is evident with a healthy aggregate leverage of 38.9% and a stable weighted average all-in cost of debt at 3.6%. The REIT maintains a strong financial position, supported by an A3 credit rating, which facilitates access to a wide range of funding options at competitive rates.

With a well-diversified portfolio of approximately 1,780 tenants across more than 20 industries, CLAR is committed to prudent capital management and closely monitoring the global economic environment. The REIT’s proactive asset management and strategic investments position it well to navigate upcoming challenges.
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Frasers Centrepoint Asset Management Ltd., the manager of Frasers Centrepoint Trust (FCT), has announced a robust performance for the first half of 2025, reporting a Distribution per Unit (DPU) of 6.054 pence, up from 6.022 pence in the same period last year. This increase reflects a positive trend in rental reversions and occupancy rates across its retail portfolio.

FCT’s gross revenue for the period rose by 7.1% year-on-year to $184.4 million, whilst net property income increased by 7.3% to $133.7 million. The Trust’s committed occupancy remained high at 99.5%, and rental reversions averaged a 9.0% increase. Shopper traffic and tenant sales also saw year-on-year growth of 1.0% and 3.3%, respectively.

Richard Ng, CEO of FCAM, highlighted the strategic acquisition of Northpoint City South Wing for $1.17 billion as a significant step in strengthening FCT’s position in Singapore’s suburban retail market. The acquisition was supported by a successful capital raise of approximately $421.3 million through private placement and preferential offering.

Looking ahead, FCT anticipates continued growth driven by population increases from new housing developments and rising household incomes. The Trust plans to focus on strategic acquisitions and proactive capital management to enhance its portfolio value. Despite potential challenges from interest rate fluctuations and rising operating expenses, FCT remains optimistic about maintaining its business resilience due to its focus on essential trades and services.

The asset enhancement initiative at Hougang Mall, which began in April 2025, is part of FCT’s ongoing efforts to refresh its retail offerings, with 64% of the spaces already pre-committed. The initiative is expected to complete by the third quarter of 2026.
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Retail investors in Singapore have been actively reshaping their investment strategies in response to the volatile performance of the Straits Times Index (STI) throughout April. Data from the Singapore Exchange (SGX) reveals significant net buying and selling activities among retail investors, particularly in the first half of the month.

During the period from 1 to 14 April, retail investors were net buyers of several key stocks, including DBS Group Holdings, Oversea-Chinese Banking Corporation, and United Overseas Bank. However, the trend shifted in the latter half of the month, with net selling observed from 15 to 23 April. This shift reflects the broader market’s fluctuating conditions, as investors seek to navigate the uncertainties.

In addition to individual stock movements, the Singapore Real Estate Investment Trusts (S-REITs) sector has also seen notable activity. Despite a rebound in the iEdge S-REIT Index, which rose by 5.9% from 11 April, both institutional and retail investors have been net sellers of S-REITs over the past two weeks. Institutional investors recorded net outflows of $26.8 million (S$36.6 million), whilst retail investors reversed their earlier buying trend with net sales amounting to $47.1 million (S$64.4 million).

The market’s volatility has prompted investors to reassess their portfolios, with many turning to educational resources to better understand investment strategies. The SGX Academy offers programmes to help investors navigate the complexities of the market, focusing on topics such as the impact of interest rate changes on REITs and effective investment strategies.

As the market continues to evolve, investors remain vigilant, adjusting their approaches to align with the shifting economic landscape. The ongoing developments in the STI and S-REIT sectors will likely influence investment decisions in the coming months.
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