Industry News

Singapore has emerged as a leading global wealth centre, attracting high-net-worth individuals (HNW) with its robust financial infrastructure and strategic advantages. According to the World’s Wealthiest Cities Report 2025, released by Henley & Partners and New World Wealth, Singapore is home to 242,400 affluent individuals with investable assets exceeding US$1m. This places the city-state fourth globally, showcasing a growth of over 60% since 2015, outpacing traditional financial hubs like New York and London.

The city’s appeal lies in its stability and comprehensive regulatory framework, making it a preferred destination for sophisticated wealth management and multinational asset allocation. Noah ARK, a prominent financial services firm, recognised this potential early on, establishing a presence in Singapore in 2018. By 2025, the firm had upgraded Singapore to its global headquarters, underscoring the city’s strategic importance.

Noah ARK plans to leverage Singapore’s mature financial ecosystem to offer customised, full life-cycle wealth management solutions. These services are tailored to meet the diverse needs of global Chinese investors, focusing on asset allocation, risk hedging, and family succession.

The transformation of Singapore into a premier wealth management hub is not only a testament to its strategic foresight but also highlights its growing influence in the global financial landscape. As the city continues to attract international attention, its role as a key player in global wealth management is set to expand further.

Singapore’s Permanent Secretary for Defence, Chan Heng Kee, and US Under Secretary of War for Policy, Elbridge Colby, co-chaired the 15th Singapore-US Strategic Security Policy Dialogue (SSPD) at the Pentagon on 7 November. This annual dialogue, established in 2006, is the highest-level institutionalised policy platform between the two nations, setting the strategic direction for their defence relationship.

During the meeting, both parties reaffirmed the robust and longstanding defence partnership between Singapore and the US. Chan expressed gratitude for the US’s strong support in meeting the Singapore Armed Forces’ training and defence technology needs. Discussions included opportunities to enhance bilateral defence cooperation under the 1990 Memorandum of Understanding regarding US use of facilities in Singapore, as well as in defence technology and industrial base cooperation.

The dialogue also covered geopolitical developments, with both sides emphasising the importance of continued US engagement in the region, particularly through the ASEAN Defence Ministers’ Meeting-Plus framework. Beyond high-level dialogues like the SSPD, Singapore and the US maintain regular interactions through bilateral and multilateral training exercises, such as Exercise Pacific Griffin, Exercise Tiger Balm, Exercise Valiant Mark, and Exercise Cope Tiger.

Chan’s visit to Washington DC, from 5 to 7 November, also included meetings with Secretary of the Army Daniel Driscoll and Under Secretary of State for Arms Control and International Security Thomas DiNanno. These engagements highlight the ongoing commitment to strengthening defence ties between Singapore and the US.

Thakral Corporation has announced a significant financial performance for the third quarter of 2025, with revenue soaring 52% year-on-year to S$115.9m. The net profit attributable to shareholders reached S$19.5m, largely propelled by robust growth in its lifestyle and investment segments.

The lifestyle segment saw a 33% increase in revenue, totalling S$97.7m, thanks to strong demand in Greater China and South Asia. This growth was bolstered by an expanded brand portfolio, including Miu Miu Fragrances and Yuesai skincare products. Thakral’s exclusive distributorship with DJI also contributed, with plans to open 20-30 DJI stores across India and South Asia in the coming years.

In the investment segment, Thakral recognised a S$22.6m fair value gain from its 16.8% stake in GemLife, following its appreciation on the Australian Securities Exchange. Additionally, the divestment of the Yotsubashi Nakano Building in Osaka, Japan, resulted in a net gain of S$2m.

Inderbethal Singh Thakral, Group CEO and Executive Director, stated, “Our strong results this quarter underscore the continued momentum across both our Lifestyle and Investment segments.” He highlighted the strategic value unlocked by GemLife’s revaluation and the successful listing of The Beauty Tech Group on the London Stock Exchange.

Looking ahead, Thakral aims to deepen its presence in fast-growing markets like India, focusing on strategic partnerships and disciplined capital recycling to sustain growth and enhance shareholder returns. The financial uplift from The Beauty Tech Group’s IPO is expected to reflect in Thakral’s Q4 2025 results.

UMS Integration Limited, listed on the SGX Mainboard, has reported a 4% increase in net attributable profit, reaching S$30.5m for the first nine months of FY2025. This growth comes despite geopolitical tensions and US trade tariffs impacting the market. The Group’s revenue rose by 5% to S$184.3m during the same period, driven by improved sales and profitability.

The Group’s gross profit margins have continued to improve quarter-on-quarter, contributing to a stronger bottom line. UMS has proposed a 1-for-4 bonus issue and a third interim dividend of 1.0 cent per share to reward its shareholders. The company’s financial health remains robust, with positive net cash from operating activities, although free cash flow was negative due to increased inventories and investments in a new plant in Penang.

UMS’s CEO, Andy Luong, highlighted the Group’s resilience, stating, “Our performance in the first nine months of the year is another testimony of the Group’s resilience and strength in the face of mounting challenges in the global economy.” The Group is well-positioned to benefit from the AI-driven global chip sector rebound and the sustained aviation boom.

The Group’s successful secondary listing on Bursa Malaysia has also boosted its share price and market capitalisation, now exceeding S$1b. Looking ahead, UMS anticipates continued growth, supported by the global semiconductor industry’s recovery and increasing demand for advanced semiconductors.

Singapore’s residential property market experienced a remarkable recovery in the third quarter of 2025, with new home sales soaring nearly threefold from 1,212 units in Q2 to 3,288 units in Q3, according to Savills’ latest report. This surge follows a previous slump and represents a 183.4% year-on-year increase.

The Rest of Central Region (RCR) and Core Central Region (CCR) accounted for 33.2% and 27.5% of new sales, respectively, whilst the Outside Central Region (OCR) led with 39.4%. The top five best-selling projects, including Lyndenwoods and Springleaf Residence, were all new launches, appealing to local buyers for personal use or leasing to foreign professionals.

Secondary market sales also rose for the second consecutive quarter, increasing by 5.1% to 4,116 units, the highest since Q2 2024. The CCR saw the most significant growth in secondary sales, up 12.5% to 737 units.

Non-landed home purchases by Singaporeans reached a five-year high, increasing 52.9% to 5,661 units. Foreigners and permanent residents also showed increased interest, with sales rising 70.9% and 13.9%, respectively. The stable economic environment and lower interest rates are believed to have influenced these trends.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “Whilst demand may moderate, the liquidity from the baby boomer generation and stock market gains could still lift prices by about 3% in 2026.” The momentum in new project sales is expected to remain strong, driven by high liquidity and rising HDB resale prices.

The Singapore International Commercial Court (SICC) has taken a significant step in international commercial dispute resolution with the launch of the Bahrain International Commercial Court (BICC) in Manama on 5 November 2025. This initiative is part of a collaborative framework between the SICC and BICC to establish Bahrain as a hub for resolving transnational commercial disputes.

The BICC, modelled on the SICC, aims to provide a trusted and neutral forum for international commercial disputes. This development underscores the effectiveness of the SICC model in driving legal convergence and enhancing certainty in cross-border commerce. The collaboration is expected to bolster Bahrain’s position as a key player in international dispute resolution.

Chief Justice Sundaresh Menon delivered speeches at the launch events, highlighting the importance of this partnership in fostering trust and neutrality in the resolution of international commercial disputes. The establishment of the BICC is seen as a pivotal move in the broader development of Bahrain’s legal landscape.

The launch of the BICC is anticipated to have far-reaching implications for the region, potentially attracting more international businesses to resolve their disputes in Bahrain. This move not only strengthens Bahrain’s legal infrastructure but also reinforces the SICC’s role in shaping global dispute resolution practices.

XTransfer, a leading B2B cross-border trade payment platform, and OCBC, Southeast Asia’s second-largest financial services group, have signed a strategic cooperation agreement in Shanghai. The agreement, announced at the 6th Meeting of the Singapore-Shanghai Comprehensive Cooperation Council, aims to provide comprehensive financial services to cross-border trading companies, particularly small and medium-sized enterprises (SMEs).

The collaboration will leverage the strengths of both organisations to offer a suite of corporate banking services, including trade finance, foreign exchange, and corporate internet banking. This partnership is expected to enhance the customer experience and operational efficiency for corporate clients in Greater China and ASEAN markets.

Jason Sun, co-founder and CFO of XTransfer, highlighted the significance of the agreement, stating, “This signing marks a key step forward in deep collaboration within the cross-border B2B landscape.” He emphasised the potential for the partnership to build a secure and efficient financial service system that will help foreign trade enterprises reduce costs and improve capital turnover.

Seth Tan, Managing Director and Head of Corporate Banking of OCBC China, noted that OCBC will support XTransfer by integrating resources across markets and providing tailored financial solutions. The partnership is set to drive product innovation and explore new service areas, further promoting regional trade and investment.

The agreement comes as bilateral trade between Shanghai and Singapore has seen a 54% increase in the first half of the year, underscoring the strong economic ties between the two regions.

The Johor-Singapore Special Economic Zone (JS-SEZ) has secured MYR37b (US$8.8b) in approved investments during the first half of 2025, accounting for two-thirds of Johor’s total investment inflows, according to a report by UOB Global Economics and Markets Research. This significant investment underscores strong economic ties between Malaysia and Singapore, even as US tariff uncertainties loom. Singapore-based firms have pledged S$5.5b (US$4.2b) since the signing of a Memorandum of Understanding in January 2024, highlighting investor confidence in the region.

At the second JS-SEZ Joint Investment Forum in Singapore, officials announced measures to enhance the zone’s appeal, including fast-track manufacturing licences and multiple entry investor passes. Malaysia also introduced the ASEAN Business Entity (ABE) initiative to facilitate cross-border operations and talent mobility, further boosting regional integration.

Despite evolving US tariffs, businesses are adapting by diversifying strategies, with ASEAN’s resilience attracting increased foreign direct investment (FDI). In 2024, FDI inflows to ASEAN reached a record US$225b, and the positive momentum continues into 2025. The JS-SEZ’s strategic location and proactive investment measures are expected to strengthen its role in global supply chains.

The Forest City Special Financial Zone in Johor has also been transformed, offering tax incentives and corporate tax rates between 0% and 5% to attract global business services and fintech firms. These developments position JS-SEZ and ASEAN as stable and promising investment destinations amidst global economic uncertainties.

L’Oréal Travel Retail Asia Pacific, in collaboration with Changi Airport Group and The Shilla Duty Free Singapore, has launched the Prada Beauty Holidays Magic Tale Outpost at Singapore Changi Airport Terminal 1. Running from 1 October to 18 November, this initiative marks the pre-launch of Prada Beauty in Singapore Travel Retail, offering travellers an immersive festive experience with personalised services.

The outpost features a striking Prada Beauty holiday tree and is designed to captivate travellers with the iconic Prada Soft Robots guiding them through a winter-themed journey. Highlights include an exclusive Holidays Set available only at Changi Airport, an immersive photobooth with keepsake photos, and complimentary Singapore-exclusive pandan holiday cookies with any purchase.

Travellers can also enjoy personalised gifting services such as lipstick engraving, fragrance ascot embossing, and a holiday stamping station featuring six collectible designs, one exclusive to Singapore. Additionally, flash makeup services are available to help travellers find their perfect shade and complementary lip colours.

Marin Vialle, General Manager of Prada Beauty at L’Oréal Travel Retail APAC, expressed excitement about the outpost, stating, “This season, travellers can discover the perfect gifts… with exclusive experiences and offers like the festive gift sets, immersive photobooth, and pandan cookies.”

Jeff Lee, VP and Head of International Business at The Shilla Duty Free, highlighted the importance of creating unique moments for travellers, especially during the holidays. Hung Jean, Managing Director of Airside Concessions Division at Changi Airport Group, emphasised the aim to inspire travellers and redefine the beauty discovery experience globally. The outpost is located at Terminal 1’s Departure Transit Hall and will operate until 18 November 2025.

Orchard Road’s sustainability efforts are accelerating as malls, restaurants, hotels, and offices join forces to reduce, reuse, and recycle. The Orchard Road Business Association (ORBA) has spearheaded Singapore’s inaugural precinct-wide e-waste recycling drive, collaborating with ALBA E-Waste Smart Recycling. This initiative involved a coordinated collection of discarded electronics across 32 building managements and tenants in 10 precinct locations, saving over 500km in transport mileage and reducing carbon emissions by half a tonne.

The drive, held from 27 to 29 October, offered free doorstep collection of electronic waste, typically a paid service by ALBA. This effort is part of ORBA’s broader sustainability roadmap, which has seen 14 more establishments pledge to adopt sustainable practices, increasing the total to 39.

At the third ORBA ESG Showcase, Chairman Mark Shaw praised members for their commitment to climate action amidst global challenges. Highlighting the importance of proper e-waste disposal, Shaw noted the drive’s success in collecting 1,198 kilos of e-waste.

The event also featured sustainability journeys from stakeholders like Castlery and The 1872 Clipper Tea Co., who shared their innovative approaches to reducing packaging waste. Castlery redesigned furniture packaging, cutting costs and waste, whilst Clipper Tea developed compostable tea sachets and eco-friendly packaging materials.

ORBA continues to promote sustainability through various initiatives, including a ‘Sustainability By Design’ trail and free counselling for Orchard Road workers, aiming to integrate environmental responsibility into Singapore’s iconic shopping district.