Industry News

Dezign Format has announced an adjusted net profit of S$2.2m for the financial year 2025, despite incurring significant costs related to its initial public offering (IPO) and strategic expansion efforts. The company is poised for growth with plans to enter key Southeast Asian markets and the upcoming launch of a new production facility in Malaysia.

The board has recommended a final dividend of 0.25 Singapore cents per share, reflecting confidence in the company’s future prospects. Chairman and CEO Mike Chong stated, “FY2025 was a pivotal, transitional year for Dezign Format. Whilst our headline numbers reflect the upfront costs of our IPO and strategic expansion, our Adjusted Net Profit of S$2.2m reveals the underlying resilience of our core business.”

The new Malaysian facility is expected to enhance cost efficiencies, whilst expansion into high-growth markets such as Vietnam and Thailand aims to solidify Dezign Format’s presence in the region. Chong added, “We remain optimistic about the path ahead and are focused on scaling our bespoke, experiential offerings to deliver sustained value to all our stakeholders.”

This strategic positioning is anticipated to improve long-term margins and scalability, setting the stage for sustained growth in the competitive Southeast Asian market.

The Genomics for Kids in ASEAN programme, a collaboration between Temasek Foundation and KKH Maternal and Child Health Research Institute, is revolutionising rare disease diagnosis across Southeast Asia. Since its inception in 2022, the programme has provided genetic testing to 510 families in Singapore, Malaysia, the Philippines, and Vietnam, achieving a 52% diagnostic success rate—well above the international average of 25 to 40%. This initiative has significantly reduced the average diagnostic time from 7.6 years to mere weeks.

The programme’s achievements were highlighted at the KKH Rare Disease Day, attended by Senior Minister of State, Janil Puthucheary. Associate Professor Tan Ee Shien, Programme Lead, emphasised the programme’s role in enhancing regional healthcare collaboration and creating a genomic database tailored to the ASEAN population. “The ultimate goal is to advance precision medicine,” Tan stated, highlighting the importance of diagnostics and treatments tailored to the region’s genetic diversity.

Rare diseases, often genetic, affect fewer than one in 200,000 individuals globally. In ASEAN, over 10 million people live with undiagnosed rare diseases. The programme aims to end the diagnostic “odyssey” for many families, providing life-saving interventions and reducing misdiagnoses.

Beyond diagnosis, the programme is building a sustainable ecosystem for genomic medicine in the region. This includes launching ASEAN’s first genomic database, offering specialised education, and developing infrastructure for genetic screening and research. The initiative, supported by over S$2.8m from Temasek Foundation, is set to transform healthcare systems, enabling better diagnosis and care for future patients.

Singapore’s Land Betterment Charge (LBC) rates have been revised, with commercial properties experiencing a modest 0.5% increase across 20 of 118 sectors. This adjustment, announced by Knight Frank Singapore, marks a slight rise from the 0.1% increase seen six months prior.

The residential sector saw more substantial changes. Landed residential properties (Use Group B1) experienced a 4% increase across 93 sectors. This aligns with the Urban Redevelopment Authority’s Price Index, which reported a 3.4% rise in landed home prices in the last quarter of 2025. The lowered interest rates have improved affordability, prompting increased sales activity, particularly in the S$3m to S$7m range.

Non-landed residential properties (Use Group B2) mirrored this trend with a 4.1% rise, notably in sector 97, which saw a 22.7% increase. This surge is attributed to a government land sale in Bedok Rise, awarded at S$1,330 per square foot per plot ratio in December 2025. The competitive bidding environment has driven up land prices, with top bids exceeding expectations.

Industrial properties (Use Group D) saw a 3.2% average increase, with significant transactions like the S$351m sale of a warehouse at Upper Thomson Road. Prime industrial assets continue to attract interest for their long-term value.

Lastly, LBC rates for places of worship and community buildings (Use Group E) rose by 2.8%, reflecting increased economic value in community uses post-pandemic. These revisions indicate a dynamic property market in Singapore, with implications for future development and investment strategies.

Yangzijiang Financial Holding has reported substantial provisions amounting to S$290.9m for FY2025, with a strategic focus on recovery and redeployment in FY2026. Despite these provisions, the company maintained a positive profit before allowances of S$92.2m, driven by income from performing assets and associated investments.

The company, following its recent spin-off, aims to optimise its portfolio by prioritising cash recovery and repositioning for growth amid improving economic conditions in Asia. Yangzijiang Financial plans to deploy up to RMB1.0 billion into selected high-yield equities, exceeding 4.5%, in the first half of 2026, contingent on market conditions and internal risk assessments.

The group’s strategy includes strengthening earnings resilience and supporting sustainable long-term returns over an investment cycle. “With a rebalanced portfolio, the Group aims to strengthen earnings resilience and support sustainable long-term returns over an investment cycle,” the company stated.

Ocean Sky International Limited has reported a 27% increase in revenue for the financial year 2025, reaching S$38.56m, the highest in a decade. The company also secured approximately S$100m in new projects, reinforcing its order book and future revenue prospects. This growth was primarily driven by increased activity in its civil engineering and infrastructure construction segment.

The company, listed on the Catalist board, achieved a profit after tax of S$1.53m, reversing a loss from the previous year. Executive Chairman and CEO Ang Boon Cheow Edward highlighted the company’s disciplined cost management and project execution as key factors in returning to profitability. “Securing approximately S$100m in new projects during the year underscores the resilience of our core business,” he stated.

Ocean Sky’s financial position has strengthened, with cash reserves rising to S$16.93m and total equity increasing to S$42.18m. The company also reduced its total bank borrowings to S$13.61m.

Looking ahead, Ocean Sky remains optimistic about the construction demand in Singapore, projected to remain steady at S$47b to S$53b in 2026. The company plans to focus on selective project bidding and operational efficiency to navigate competitive industry conditions and cost pressures. In its property segment, Ocean Sky aims to maintain long-term value creation and capital preservation amidst mixed global economic conditions.

Raffles Education Limited has announced the completion of its property disposal at 51 Merchant Road, generating net cash proceeds of S$121.3m. This strategic move, approved by shareholders earlier this month, is set to enhance the company’s balance sheet and support its expansion strategy across ASEAN markets, including Malaysia, Thailand, and Indonesia. The company also declared a tax-exempt special interim dividend of 0.4 Singapore cents per share, with the record date set for 9 March 2026.

The proceeds from the sale will primarily be used to repay the majority of the Group’s bank loans, significantly reducing interest expenses and strengthening its financial position. Additionally, S$12.25m of non-convertible bonds will be redeemed, further contributing to interest savings. The company aims to utilise the capital to accelerate growth initiatives in key ASEAN markets.

In Malaysia, Raffles Education plans to expand its Raffles American School and Raffles University in Iskandar, focusing on increasing enrolment and launching new programmes. In Thailand, the company will expand its Raffles American School in Bangkok to accommodate more students. Meanwhile, in Indonesia, a new premium K-12 school is set to open in Jakarta, targeting high-income households and expatriate communities.

Chew Hua Seng, Chairman and CEO of Raffles Education, stated, “The completion of the sale marks a key milestone in optimising our capital and providing the Group with the agility and means for expansion without reliance on external borrowings.” The company’s strategic focus remains on leveraging its established brand and operational expertise to drive growth across the region.

RHB Bank has announced that it is maintaining its full-year industrial production (IP) projection for Singapore at 4.0% for 2026. This decision is supported by a strong global and domestic economic environment, according to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank. The projection aligns with the non-oil domestic exports (NODX) and gross domestic product (GDP) growth forecasts of 3.0%, with potential upside risks.

Singapore’s IP experienced a significant surge of 16.6% year-on-year in January, marking an increase from the revised 10.9% growth in December. This performance surpassed both Bloomberg’s forecast of 11.6% and RHB’s own projection of 9.5% year-on-year growth. The robust performance in January highlights the resilience of Singapore’s manufacturing sector amidst a challenging global landscape.

Despite the optimistic outlook, RHB remains cautious about external risks, particularly the uncertainties surrounding recent US tariff developments. These could potentially impact Singapore’s manufacturing and trade activities throughout the year. The report suggests that whilst the current economic indicators are favourable, vigilance is necessary to navigate the evolving global trade environment.

The report underscores the importance of monitoring external factors that could influence Singapore’s economic trajectory. As the year progresses, the interplay between global economic conditions and domestic performance will be crucial in determining the actual outcomes for Singapore’s manufacturing sector.

Soilbuild Construction Group Ltd. has announced a record net profit of S$63.6m for the financial year ending 31 December 2025, marking a 139.4% increase from the previous year. This achievement is attributed to robust growth in its Construction and Precast & Prefabrication divisions, which saw revenue increases of 49.2% and 54.4% respectively. The company’s order book now exceeds S$1.07b, ensuring strong revenue visibility moving forward.

The group’s gross profit doubled to S$93.2m, supported by a higher gross profit margin of 15.8%. Executive Director and CEO Lim Han Ren highlighted the company’s operational excellence and strategic focus as key drivers of this success. “FY2025 stands out as a landmark year, with our financial results highlighting nearly five decades of the Group’s progress and achievements,” he stated.

Soilbuild Construction’s balance sheet has strengthened significantly, with total assets reaching S$408.8m and cash reserves increasing to S$153.3m. The company generated S$157m in positive cash flow from operations, reflecting disciplined working capital management.

In recognition of its financial performance, the company has proposed a final dividend of 2.5 cents per share, raising the total dividend payout to 31.2% of net profit, a notable increase from the previous year’s 18.7%. Lim expressed the company’s commitment to delivering sustainable value, stating, “The FY2025’s dividend payout ratio of over 30% of net profits reflects our appreciation for our shareholders’ support.”

Looking ahead, Soilbuild Construction plans to continue its focus on safety, cost management, and innovation to drive long-term value for shareholders and stakeholders.

Singapore and Norway have officially implemented the European Free Trade Association (EFTA) Singapore Digital Economy Agreement, marking a significant step in enhancing digital trade between the two nations. This agreement, which came into force recently, is designed to facilitate seamless digital transactions and strengthen economic ties.

The agreement focuses on several key areas, including the removal of barriers to digital trade, the promotion of cross-border data flows, and the enhancement of consumer trust in digital transactions. By addressing these areas, the agreement aims to create a more conducive environment for businesses to operate digitally across borders.

Minister-in-charge of Trade Relations Grace Fu said, “The swift entry into force of the ESDEA underscores Singapore and the EFTA States’ strong commitment to fostering a secure and trusted environment for digital trade. This agreement will unlock new opportunities for companies on both sides and strengthen Singapore’s role as a leading hub for digital innovation and trade.”

The implementation of this agreement is expected to benefit various sectors, including e-commerce, financial services, and technology. It is anticipated that businesses in both Singapore and Norway will experience increased efficiency and reduced costs in digital transactions.

HSBC Singapore has announced the appointment of Ying Wang as Head of Distribution, International Wealth and Premier Banking, and Irene Zeng as Managing Director, Head of Business Development, China Corridor, Corporate and Institutional Banking. These strategic appointments aim to enhance HSBC’s China corridor proposition, supporting Chinese businesses and entrepreneurs as they expand into Singapore and the ASEAN region.

Singapore serves as a crucial hub for Chinese enterprises seeking regional and international opportunities. The new appointments underscore HSBC’s commitment to facilitating growth for Chinese businesses through integrated banking, trade, and wealth solutions. Wong Kee Joo, CEO of HSBC Singapore, highlighted Singapore’s role as a leading trade and business hub, stating, “Irene and Ying bring deep expertise in developing the China corridor, strengthening our ability to serve this fast-growing client segment and connect them to new engines of growth across the region.”

The appointments are part of HSBC’s broader strategy to leverage Singapore’s position as a springboard into Southeast Asia, providing a multi-corridor hub for global expansion. By reinforcing its leadership team, HSBC aims to better serve the needs of Chinese companies and their owners, helping them capture growth opportunities across ASEAN.