Industry News

Singaporean lithium-ion battery manufacturer, Durapower Technology, is actively pursuing plans to establish a manufacturing facility in the US as part of its global expansion strategy. The company is currently seeking collaboration partners and aims to initiate discussions at the Advanced Clean Transportation Expo (ACT Expo) in Anaheim, California, from 28 April to 1 May 2025. This event will also serve as a platform for Durapower to showcase its battery solutions tailored for the North American market.

Durapower’s CEO, Kelvin Lim, highlighted the significance of the US market, stating, “With our strong expertise in battery technology and rich portfolio of products and services, we believe that now is the right time to start planning our foray into the US market. The US market is an important market that may present abundant opportunities for our future growth plan.”

The company, which has a presence in 25 countries across Europe and Asia, is known for its high-quality battery solutions used in automotive, energy storage systems (ESS), and marine industries. Durapower’s products have been deployed in numerous vehicles and energy systems worldwide, boasting a strong safety record with over 1 billion electric kilometres driven.

In addition to its participation in the ACT Expo, Durapower’s Group Director, Sanjay Bakshi, will attend the Select USA Investment Summit in Washington, D.C., from 11 to 14 May 2025, further exploring potential partnerships.

Durapower’s expansion into the US is expected to enhance its global manufacturing footprint and product presence, contributing to the company’s mission of supporting the circular economy and advancing towards a carbon-neutral future.
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RateHawk, a B2B booking platform, has announced a remarkable fourfold increase in its net booking value in Asia for 2024. This growth is attributed to the establishment of a new headquarters in Singapore and the localisation of services in languages such as Japanese, Vietnamese, and Thai. The company’s global net booking value rose by 1.8 times compared to 2023, with a 67% increase in the number of bookings worldwide.

The parent company, Emerging Travel Group, based in the UAE, achieved a gross transaction value milestone of $3.7b in 2024, with RateHawk as a significant contributor. The platform expanded its inventory by connecting with over 70 new global accommodation suppliers and establishing direct contracts with more than 34,000 accommodations, totalling 2.6 million options.

The demand for RateHawk’s transportation services, including flights and transfers, doubled in 2024. The introduction of train travel services across Europe was particularly well-received, with over 25% of frequent users adopting the new service within three months. Felix Shpilman, CEO of Emerging Travel Group, highlighted the company’s commitment to supporting partners during this period of growth, noting the doubling of API integration contracts with over 500 new entities, including Ctrip.

In Asia, RateHawk tripled its connected travel agents to over 13,000, with popular outbound destinations including the UAE, France, and the USA. The company plans to focus on API development in East and South Asia in 2025, optimising technology and support through its tech hub.
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In a pioneering move, MyRepublic has unveiled Singapore’s first insurance policy specifically designed for geeks and collectors. This innovative offering, launched on 28 April, aims to provide comprehensive coverage for high-value items such as gaming equipment, collectibles, and tech gadgets, addressing a niche market often overlooked by traditional insurance providers.

The insurance plan, developed in collaboration with a leading insurance company, offers protection against accidental damage, theft, and loss. MyRepublic’s Managing Director, Lawrence Chan, stated, “We recognise the passion and investment that geeks and collectors put into their hobbies. Our new insurance product is tailored to safeguard their prized possessions.”

This initiative is significant as it taps into a growing community of tech enthusiasts and collectors in Singapore, providing them with peace of mind and financial security. The policy covers a wide range of items, including gaming consoles, rare collectibles, and high-end tech gadgets, ensuring that enthusiasts can protect their investments.

MyRepublic’s entry into the insurance market marks a strategic expansion of its services, aligning with its mission to cater to the digital lifestyle needs of its customers. By offering this specialised insurance, the company aims to strengthen its position as a leader in digital solutions and customer-centric services.

Looking ahead, MyRepublic plans to explore further opportunities to expand its insurance offerings, potentially introducing similar products in other markets. This move could set a precedent for other companies to develop niche insurance products tailored to specific consumer needs.
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CapitaLand Development (CLD) has achieved a remarkable 98% booking rate during the exclusive preview of Orchard Heights on 27 April. This success follows the impressive performance of the first two phases of the Sycamore project in Vietnam, where 99% of Orchard Hill units and nearly 90% of The Orchard units were booked. The duplex units in this latest phase have proven particularly popular, appealing to homebuyers seeking luxury and privacy.

The CEO of CLD Vietnam and International, Tan Wee Hsien, highlighted Binh Duong’s growing appeal as a prime destination for quality living and investment. He noted the area’s dynamic urbanisation, strategic location, and upcoming infrastructure developments, including the anticipated merger with Ho Chi Minh City and Ba Ria – Vung Tau, which are set to transform Binh Duong into a vibrant economic and residential hub.

Orchard Heights, developed in collaboration with United Overseas Australia Group, is part of the 18.9-hectare Sycamore master project. The development is strategically located along Hung Vuong Boulevard in Binh Duong New City, adjacent to a 75-hectare central public park. The project features a mix of low-, mid-, and high-rise buildings, setting a new standard for urban living in the region.

The third phase includes 436 units, offering a variety of layouts from two-bedroom flats to spacious three-bedroom options, duplexes, and penthouses. The development is scheduled for handover in Q2 2027, with the entire Sycamore project expected to be completed by 2028.
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Singapore’s inflation rates are expected to remain subdued throughout 2025, according to the latest Global Economics and Market Strategy Report by RHB Bank. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, stated that the full-year headline and core inflation rates are projected to be 1.6% and 1.1%, respectively.

The report highlights that the Monetary Authority of Singapore (MAS) is likely to keep its policy parameters unchanged for the year, with a potential easing in the second half of 2025. This stance comes despite March’s Consumer Price Index (CPI) showing a year-on-year increase of 0.9%, which fell short of RHB’s and Bloomberg’s expectations of 1.2% and 1.1%, respectively. Core inflation also dipped slightly to 0.5% year-on-year from 0.6% in February.

Gan’s analysis suggests that the balance of risks leans towards further easing later in the year, reflecting a cautious approach amidst global economic uncertainties. The report underscores the importance of monitoring inflation trends closely, as they have significant implications for economic policy and consumer spending.

As Singapore navigates through 2025, the focus will remain on how these inflationary trends influence broader economic strategies and the potential adjustments by the MAS. The persistence of softer inflation could impact various sectors, shaping the economic landscape in the months ahead.
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ESR Group Limited and STACK Infrastructure have commenced construction on the first phase of a 72-megawatt data centre campus in Keihanna, Kansai, Japan. The initial building, KIX01A, will offer 18 MW of IT capacity and is set to be operational by Q2 2027. This facility has already achieved LEED Gold pre-certification, highlighting its commitment to sustainable design.

The collaboration between ESR and STACK extends their existing partnership in the Asia-Pacific region, which includes a 48 MW data centre in Incheon, South Korea. The new Kansai campus aims to cater to the increasing demand for modern digital infrastructure, particularly from hyperscale, cloud, and large enterprise customers. Stuart Gibson, Co-founder and Co-CEO of ESR, emphasised the company’s expertise in developing large-scale campuses and its dedication to community collaboration. “By combining our strengths and capabilities with STACK, we can meet our hyperscale customers’ needs in a high-growth market and drive value for our investors,” he stated.

Diarmid Massey, CEO of ESR Data Centres, noted the growing demand in Kansai for energy-efficient infrastructure. “The ESR-STACK Keihanna campus will deliver state-of-the-art data centre capacity, scalability, and flexibility,” he said, adding that the market is expected to see a doubling of critical IT load capacity in the next five years.

The campus will provide robust power and network connectivity, offering flexible business models from colocation to customised solutions. This development is part of ESR’s broader strategy, which includes four data centre assets in Japan and 2 GW of secured land and power across the Asia-Pacific region.
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International property consultant Knight Frank Singapore has announced the sale of a portfolio of three properties in District 8 through an Expression of Interest (EOI) process. The portfolio includes two properties on Roberts Lane and a residential unit on Upper Weld Road, available for purchase either as a whole or individually.

The properties at Nos. 28 and 32 Roberts Lane are zoned for residential use with commercial space on the ground floor. Located just a three-minute walk from Farrer Park MRT station, these properties are in a prime city-fringe area attracting popular co-living brands. The neighbourhood is undergoing significant development, with projects like Piccadilly Grand and new Housing and Development Board flats enhancing its appeal.

No. 28 Roberts Lane, a six-storey building with a gross floor area (GFA) of 8,522 sq ft, is priced at $14 million, down from $16.88 million. It offers a shop on the ground floor and five flats above, with recent permission granted for conversion to serviced apartments. No. 32 Roberts Lane, a two-storey conservation shophouse with an attic, is priced at $5.5 million and offers potential for expansion.

The third property, a four-bedroom walk-up flat on Upper Weld Road, is available for $1.68 million. Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore, highlighted District 8’s attractiveness due to its investment potential and ongoing gentrification. The EOI closes on 29 May 2025 at 3:00 PM.
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Skechers has launched Luna, an AI-powered retail assistant, at its newly opened store in Punggol Coast Mall, Singapore. Developed by We Are Social Singapore, Luna offers customers personalised style advice and product recommendations through an interactive kiosk in-store or via Telegram. This innovative feature marks a significant step in integrating technology into the retail experience.

Luna utilises real-time data from customer interactions to act as a personal stylist, suggesting outfits based on current attire or preferences. This month-long activation not only celebrates the store’s opening but also showcases the potential of AI in transforming shopping experiences. “As a comfort technology brand, harnessing new and innovative solutions to connect with our customers is part of our DNA,” said Irene Lee, senior general manager of Skechers Singapore.

The AI assistant is designed to provide seamless online and offline shopping experiences, enhancing convenience and personalisation. Manolis Perrakis, innovation director at We Are Social Singapore, highlighted the role of AI in creating dynamic, two-way conversations between brands and customers. “Luna is an additional touchpoint for Skechers to complement its innovative retail experience,” he stated.

The activation will be available for a limited time at the Punggol Coast Mall store, offering a glimpse into the future of retail where AI agents enhance customer engagement and satisfaction. Shoppers can also interact with Luna via Telegram, further bridging the gap between digital and physical retail environments.
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DKSH Business Unit Healthcare has launched the newly improved Hiruscar Ultra Scar Care Gel, designed to enhance scar healing in just four weeks. This advanced formula, introduced on 28 April 2025, incorporates a blend of Delisens, Centella Asiatica, and Panthenol, known for their skin-soothing properties, to accelerate wound healing and improve scar appearance.

Hiruscar, a leading scar care brand in Singapore, has developed this gel to provide immediate and long-term relief from the discomfort often associated with scars. The gel’s formulation includes Allium Cepa for its anti-bacterial properties, Niacinamide to lighten scar tissue, and Panthenol to maintain a healthy skin barrier. It is free from alcohol, parabens, and preservatives, making it suitable for all skin types.

Cheryl Tay, Assistant Manager of Marketing Management at Hiruscar, stated, “DKSH Healthcare is proud to enrich people’s lives by providing treatment for healthy skin and helping patients live with confidence. We are thrilled to introduce the improved Hiruscar Ultra Scar Care Gel, a game-changer in scar treatment.”

The launch marks a significant milestone for DKSH Healthcare’s Own Brands business, reflecting its commitment to innovation and consumer needs. The new gel is available at major pharmacies and online platforms like Shopee and Lazada.

DKSH, a Market Expansion Services provider, continues to grow its presence in the healthcare industry, offering a wide range of services across 36 markets.
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Marina Bay Sands (MBS) has reported a significant increase in its net gaming revenue for the first quarter of 2025, marking a 9% rise quarter-on-quarter and reaching 157% of pre-pandemic levels. This growth is attributed to a robust VIP market and an impressive mass market segment, bolstered by higher win rates and increased tourist arrivals due to recent visa exemptions and festive events.

Las Vegas Sands’ quarterly results revealed that MBS’ adjusted EBITDA surged by 13% to $605 million, the highest since its opening. The mass market’s gross gaming revenue (GGR) grew by 5%, whilst the VIP segment saw an 11% increase, despite a slight decline in rolling chip volume. The mass to VIP GGR mix for tables stood at 64% to 36% in Q1 2025.

The mass market achieved record earnings, with non-rolling chip volume slightly down by 1% but still significantly above pre-pandemic levels. Slot handle volume decreased by 11%, yet the overall mass market GGR rose by 5% due to higher win rates. Meanwhile, the VIP segment’s rolling chip volume remained stable, with a higher win rate of 3.7% contributing to the GGR increase.

Genting Singapore is expected to follow MBS’ growth trend, benefiting from increased tourist arrivals and spending during the festive period. The mass gaming segment and non-gaming revenue, such as hotel occupancy and theme park visits, are anticipated to drive growth.

Analysts maintain an optimistic outlook for Singapore’s gaming sector in 2025, driven by increased tourist visits and entertainment events. Genting Singapore is recommended as a buy, with a target price of S$1.12, offering a prospective dividend yield of 5.4%.
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