Industry News

Healthcare real estate investment trusts (S-REITs) have emerged as the top-performing subsector in the Singapore REIT market for the year to date, achieving an average total return of 2.8% as of 20 February 2025. This follows impressive returns of 6.9% in 2024 and 7.1% in 2023, according to the latest data from the Singapore Exchange (SGX).

Retail investors have shown significant interest in S-REITs, with net purchases totalling S$608m between December 2024 and February 2025. This trend underscores the growing confidence in the sector, particularly in healthcare, which continues to attract investor attention.

Data centre S-REITs are also experiencing growth, driven by the increasing adoption of artificial intelligence technologies. Property consultancy JLL highlights data centre assets as likely beneficiaries of this technological shift, suggesting a promising outlook for investors in this area.

Meanwhile, S-REITs with retail assets in Singapore have maintained high occupancy rates and positive rental reversions, buoyed by a recovery in tourism and proactive asset management. Market expectations indicate that committed occupancy in the retail segment will remain robust, with continued rental growth anticipated throughout 2025.

Office S-REITs in Singapore have reported stronger operational performance, with leasing activities in quality office developments improving in the fourth quarter of 2024. JLL data suggests that rental and capital values are expected to remain stable in the first half of 2025, with potential recovery in the latter half of the year.

Overall, the diverse performance across different S-REIT sectors highlights the dynamic nature of the market and the varied opportunities available to investors. As the year progresses, these trends will likely continue to shape investment strategies and market outcomes.
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United Overseas Bank (UOB) has released its Annual Report 2024 and Sustainability Report 2024, marking a significant step in transparency and environmental responsibility. The reports are now available for download on UOB’s investor relations website.

The Annual Report features insights from UOB’s leadership, including statements from Chairman Wong Kan Seng and Deputy Chairman and CEO Wee Ee Cheong. Key business leaders, such as Frederick Chin, Head of Group Wholesale Banking and Markets, Susan Hwee, Head of Group Retail, and Dean Tong, Head of Group Human Resources, also contribute their reflections on the past year and their outlook for the future.

In a pioneering move, UOB’s Sustainability Report includes disclosures on nature and biodiversity, setting a precedent as the first local bank in Singapore to do so. This initiative underscores UOB’s commitment to integrating environmental considerations into its business practices.

The inclusion of nature and biodiversity disclosures is particularly noteworthy as it aligns with global trends towards greater environmental accountability in the financial sector. By addressing these issues, UOB not only enhances its sustainability credentials but also sets a benchmark for other local financial institutions.

As the financial landscape continues to evolve, UOB’s comprehensive reporting provides stakeholders with valuable insights into the bank’s strategic direction and environmental commitments. The reports are expected to influence future sustainability practices within the banking industry in Singapore.
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Latham & Watkins has advised Digital Realty, the world’s largest provider of cloud and carrier-neutral data centre solutions, on its $100m investment into Digital Realty Bersama. This joint venture with Bersama Digital Infrastructure Asia aims to develop and operate data centres across Indonesia, enhancing the region’s digital infrastructure.

The legal team from Latham & Watkins was led by Singapore partner James Clayton-Payne and counsellor Penelope Davey, with support from Hong Kong associate Rita Hong and Singapore associates Cherine Teh and Shi Cheng Chong. The firm also provided US corporate advice through San Diego partner Ann Buckingham, and tax advice from Los Angeles partner Eric Cho and Century City partner Ana O’Brien.

Digital Realty Bersama currently operates a connected campus featuring two data centres: CGK11 in Central Jakarta and CGK10 in West Jakarta. The recently launched CGK11 initially offers 5 megawatts (MW) of IT load capacity, with plans to expand to 32MW. The venture is backed by major shareholders, including Provident Capital Partners, Saratoga Investama Sedaya, a Macquarie Asset Management-led consortium, and Distro Hub.

This strategic investment underscores Digital Realty’s commitment to expanding its footprint in Southeast Asia, a region experiencing rapid digital growth. The development of these data centres is expected to bolster Indonesia’s digital infrastructure, supporting the increasing demand for data services in the region.
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Summit Group recently hosted an iftar event in Singapore, bringing together around 200 migrant workers, including a significant number of Bangladeshis, to celebrate the breaking of fast during Ramadan. The event aimed to foster community spirit and provide a sense of belonging for the workers who are far from their home countries.

The iftar, a meal eaten by Muslims after sunset during Ramadan, was held to acknowledge the contributions of migrant workers to Singapore’s economy and society. By organising this event, Summit Group sought to express gratitude and support for these individuals, many of whom have left their families behind to work in Singapore.

The gathering provided an opportunity for the workers to connect with one another and enjoy a meal in a communal setting. This initiative highlights the importance of recognising and appreciating the efforts of migrant workers, who play a crucial role in various sectors across the country.

Summit Group’s gesture underscores the significance of inclusivity and community support, particularly during the holy month of Ramadan. The event not only offered a moment of respite for the workers but also reinforced the values of compassion and unity.

As Singapore continues to rely on the contributions of its migrant workforce, such initiatives are vital in promoting a harmonious and supportive environment for all residents.
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Moody’s Analytics has released its Asia Pacific Economic Preview for the week of 24–28 March 2025, highlighting significant economic data expected across the region. The report anticipates a slight decline in South Korea’s consumer sentiment index to 94.5 from 95.2, influenced by ongoing global trade tensions and domestic political uncertainty. Meanwhile, Singapore is projected to report a decrease in headline inflation to 0.5% year on year in February, down from 1.2% in January, driven by a significant drop in electricity prices and a high base effect from the previous year.

The report also notes that Taiwan is expected to show a 10% increase in industrial production for February, attributed to the earlier occurrence of the Lunar New Year, which has distorted year-on-year comparisons. Additionally, the economic outlook for the region is being shaped by pending changes in US tariffs, which could impact trade dynamics.

In China, the People’s Bank of China has opted to maintain its current interest rates, despite previous indications of a shift towards looser monetary policy. This decision comes amidst China’s efforts to boost domestic consumption through a new 30-point plan, although details remain sparse.

The economic landscape in the Asia Pacific is further complicated by varying monetary policy stances, with Bank Indonesia and the Bank of Japan also holding their rates steady. New Zealand, however, has shown signs of economic recovery, with GDP rebounding by nearly 0.7% in the December quarter.

As the region navigates these economic challenges, Moody’s Analytics continues to provide insights into the potential impacts on growth and trade. The coming weeks will be crucial in determining how these factors play out across different economies.
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AIMS APAC REIT, a prominent mid-cap industrial real estate investment trust, is poised for significant growth, with its target price increased to S$1.48, reflecting a 17% upside. The REIT has demonstrated robust operational performance and effective balance sheet management, driven by proactive strategies. With a stable gearing position, AIMS APAC REIT is well-positioned to seize acquisition opportunities in Singapore and Australia, according to analyst Vijay Natarajan.

The REIT’s asset enhancement initiatives are progressing as planned and are expected to positively impact from FY26. This strategic focus on asset improvements and acquisitions underscores AIMS APAC REIT’s commitment to maintaining its growth trajectory.

The REIT’s financial health is further bolstered by a forecasted yield of approximately 8% for FY26, making it an attractive option for investors seeking stable returns. The company’s strategic initiatives and strong market positioning have led to its recognition as one of the top mid-cap industrial REIT picks.

In summary, AIMS APAC REIT’s strategic management and operational excellence position it well for continued growth, with asset enhancements and acquisitions set to drive future performance. As the REIT capitalises on market opportunities, it remains a compelling choice for investors looking for robust returns in the industrial real estate sector.
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Signify, formerly known as Philips Lighting, has partnered with Toa Payoh East Community Club to donate over 2,000 energy-efficient Philips LED light bulbs to 770 low-income households in Toa Payoh East. The initiative, part of Signify’s commitment to a greener Singapore, began on 23 March and will continue on 12 April, led by Saktiandi Supaat, Adviser to Bishan-Toa Payoh GRC Grassroots Organisations, and Chandra Vaidyanathan, Managing Director of Signify Singapore.

The project not only aims to brighten homes but also to significantly reduce energy consumption, with potential savings of up to 90% for residents. Each household will receive three LED bulbs, replacing conventional lighting and contributing to energy efficiency. The initiative also includes the collection and recycling of old bulbs to minimise e-waste.

Saktiandi Supaat expressed gratitude for the donation, highlighting its positive impact on the community. “This initiative will have a significant impact on the lives of residents,” he stated. Chandra Vaidyanathan added, “At Signify, we believe in the power of light to positively impact lives and uplift local communities.”

This effort aligns with Signify’s ‘Brighter Lives, Better World 2025’ commitment and the People’s Association vision of fostering a caring community. As Signify continues to support local communities, the initiative underscores the company’s dedication to sustainability and social responsibility.
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Business sentiment among small businesses in Singapore has reached its highest level since 2019, according to a recent survey by CPA Australia. The Asia-Pacific Small Business Survey 2024–25 indicates that 62% of small businesses in Singapore expect growth this year, with 63% expressing confidence in the country’s economic prospects. This marks a significant increase from 60% in 2024, reflecting a robust business environment.

The survey highlights a strong adoption of technology, with 63% of small businesses generating over 10% of their revenue from online sales, up from 36% in 2019. Additionally, 76% reported significant sales through digital payment technologies like PayPal and Apple Pay, a notable rise from 51% in 2019. Cybersecurity has also improved, with incidents dropping from 54% in 2023 to 39% in 2024, and only 33% of businesses anticipate cyberattacks this year.

Despite these positive trends, innovation appears to be waning, with only 23% of businesses planning to introduce new products or services, down from 37% in 2024. The survey also notes an ageing demographic among business owners, which could impact future growth and innovation.

Joshua Ong, CPA Australia’s Singapore Divisional Deputy President, emphasised the importance of Environmental, Social, and Governance (ESG) initiatives, stating that embracing these practices can provide a competitive edge. However, expectations for export revenue growth have decreased, with only 18% of businesses anticipating strong growth, down from 27% in 2024, due to geopolitical tensions and potential trade tariffs.

Overall, the outlook for small businesses in Singapore remains positive, driven by technological adoption and improved cybersecurity resilience.
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Chocolate Finance, a brand of Chocfin Pte. Ltd., has announced the successful processing of all redemption requests received between 10 and 18 March. The company confirmed that all customers received 100% of their invested capital along with earned returns by the end of 21 March. This update comes after a surge in withdrawal requests, which the company managed within its standard three to six business day timeline.

The financial services provider reassured its clients that it will continue to process withdrawals within the usual timeframe starting 24 March. This commitment aims to maintain customer confidence and ensure a seamless financial experience. Chocolate Finance’s CEO, Walter de Oude, and the team regularly update clients via their Instagram channel, providing transparency and ongoing communication.

For those seeking further information, Chocolate Finance encourages customers to consult their FAQs and Terms & Conditions available on their website. The company remains dedicated to delivering secure and rewarding financial solutions, partnering with globally recognised institutions to optimise clients’ spare cash investments.
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ISOTeam, a Singapore-based company, is set to benefit from a surge in government projects ahead of the parliamentary elections due by the end of 2025. The company has maintained its “BUY” recommendation, with a revised target price of S$0.08, up from S$0.07. This revision follows an 11% increase in projected earnings for the fiscal years 2025 to 2027, as the company anticipates an acceleration in project activity.

The revised earnings outlook is attributed to the expected increase in government projects, which are likely to be rolled out in the lead-up to the elections. ISOTeam’s valuation base has been updated to reflect the FY26 forecasted price-to-earnings ratio, moving away from the previous blended FY25-26 earnings model.

Alfie Yeo, an analyst, noted, “We turn more positive on ISOTeam’s earnings outlook, as we see it benefiting from and riding on more government projects ahead of the parliamentary election due by the end of 2025.”

This development is significant as it highlights the potential for increased infrastructure and development projects in Singapore, which could have broader economic implications. The anticipated acceleration in projects not only boosts ISOTeam’s prospects but also signals a period of heightened activity in the construction and infrastructure sectors.

Looking ahead, ISOTeam’s strategic positioning to capitalise on these opportunities could enhance its market standing and financial performance. The company’s ability to leverage government projects effectively will be crucial in sustaining its growth trajectory.
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