Industry News

Vicplas International Ltd, listed on the SGX Mainboard, has reported a 9.4% increase in net profit for the first half of 2025, reaching S$245,000. This growth was accompanied by a 6.4% rise in revenue, totalling S$54.3m for the period ending 31 January 2025.

The company’s medical devices segment experienced a boost in performance due to increased orders from certain customers. However, this was offset by higher operating costs related to the expansion of its Changzhou plant and the start-up costs for a new facility in Mexico. Meanwhile, the pipes and pipe fittings segment benefited from robust activity in Singapore’s construction sector, although its performance was slightly affected by a cautious sales approach focusing on credit risk management.

Despite facing increased operating expenses, including a 16.6% rise in other operating costs and a 61.9% increase in finance costs, Vicplas managed to achieve a profit before tax of S$505,000, marking an 82.3% improvement from the previous year. The company’s adjusted EBITDA also saw a 9.5% increase, reaching S$4.4m.

Looking ahead, Vicplas International’s strategic focus on expanding its global footprint and managing operational costs will be crucial as it navigates the challenges and opportunities in its key markets.
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Flexiv Robotics has announced the expansion of its operations in Singapore, moving to a larger facility within Singapore Science Park 1. This strategic relocation comes in response to the increasing demand for adaptive robotic solutions in the region. Singapore, renowned for its commitment to cutting-edge technology, remains a key market for Flexiv, underscoring the company’s dedication to growth and innovation in the area.

The expansion reflects the thriving nature of the robotics sector, even amidst global economic challenges. Flexiv’s decision to enlarge its Singaporean footprint highlights the company’s confidence in the market’s potential and its commitment to providing advanced robotic solutions. The new headquarters will accommodate Flexiv’s growing team and the rising customer demand for its adaptive robotics technology.

Flexiv’s PR Manager, Noah Barker, emphasised the significance of the move, stating that the company’s growth in Singapore is a testament to the region’s robust technological landscape. The relocation to a larger office and warehouse is a strategic step to better serve the needs of their expanding customer base.

As Flexiv continues to innovate and expand, the company’s presence in Singapore is set to contribute positively to the local economy, creating new jobs and opportunities in the robotics sector. This development not only marks a significant milestone for Flexiv but also reinforces Singapore’s position as a hub for technological advancement.
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Singapore G has announced the opening of MustardSeedSG Cold Store, the largest cold storage facility in central Singapore, designed to cater to the needs of small and medium-sized enterprises (SMEs), logistics providers, and wholesalers. This new facility, featuring 16 cold storage rooms ranging from 300 to 1,500 square feet, underscores Singapore G’s commitment to supporting business growth through innovative space solutions.

MustardSeedSG Cold Store offers flexible and scalable storage options for industries such as food and beverage, floristry, and pharmaceuticals. The facility provides frozen storage at -18°C for meat wholesalers and chilled storage at 4°C for dairy products, ensuring the safe preservation of perishable goods. Fully certified by the Singapore Food Agency (SFA), it includes a dedicated inspection room for imported meat, ensuring regulatory compliance.

The facility’s strategic location with eight loading bays allows businesses to efficiently manage their inventory without the delays common in larger logistics hubs. This enhances operational efficiency and control for SMEs.

In addition to cold storage, Singapore G boasts Asia’s largest personal vault facility, featuring over 4,000 safe deposit boxes secured with advanced technology. This facility offers 24/7 access and maximum protection for valuable assets.

Founded in 1973, Singapore G remains a family-owned business focused on stability and innovation. The company recently appointed Dr Elishea Lim Hidajat as Assistant General Manager, marking a new chapter in leadership. “We are dedicated to empowering SMEs by offering high-quality space solutions,” said Dr Hidajat.

Singapore G continues to expand its offerings, reinforcing its position as a trusted provider of innovative space solutions for businesses across various industries.
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Singapore Post Limited (SingPost) has announced a significant investment of S$30m in its Regional eCommerce Logistics Hub (eComm LogHub) to expand its eCommerce processing capacity. This move is set to increase the facility’s small parcel processing capability from 100,000 to 300,000 parcels per day, marking a substantial enhancement in its operational efficiency.

The investment will fund the installation of new sorting equipment, designed with a compact and modular structure, allowing for future expansions. Simon Israel, Chairman of the Board at SingPost, highlighted the strategic importance of this development, stating, “The investment in capacity building not only enhances operational efficiency but unlocks a pathway for growth.”

Launched in 2016, the eComm LogHub is a 553,000 square feet facility that currently processes larger parcels on its ground floor. With the new equipment, the hub will be able to handle a total of 400,000 parcels daily. Neo Su Yin, Group Chief Operating Officer, noted that the new sortation equipment would increase throughput by 300% whilst using less floor space.

SingPost also plans to consolidate its mail and parcel operations at the eComm LogHub, which will free up 83,000 square feet of lettable space at the SingPost Centre in Paya Lebar by mid-2026. This consolidation aims to improve efficiency and create more leasing opportunities.

In collaboration with the Government, SingPost is working on a sustainable business model for postal services. Neo stated, “Together with our investments in eCommerce logistics and consolidating our operations to improve efficiencies, we believe these measures will enable SingPost to focus on establishing pathways to growth.”
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MSIG USA has announced a strategic partnership with MSIG Singapore and MSIG Hong Kong to expand its political risk and trade credit business across Asia. This collaboration aims to leverage MSIG USA’s expertise in underwriting alongside the local market knowledge of its Asian counterparts, addressing the growing demand for comprehensive risk solutions in the region. Peter McKenna, CEO of MSIG USA, stated, “By collaborating with MSIG Singapore and MSIG Hong Kong, we are strengthening our ability to serve global clients with tailored solutions that address the challenges of international trade.”

The partnership is part of MSIG’s broader strategy to reinforce its presence in key international markets and support global customers. Clemens Philippi, CEO of MSIG Asia, noted, “This initiative aligns with our regional growth strategy, reinforcing our ability to deliver enhanced risk solutions across Asia.” The collaboration is expected to provide businesses with customised coverage to navigate the evolving global trade landscape confidently.

MSIG USA’s strong financial ratings and brand recognition have been pivotal in establishing valuable connections with customers and brokers, enhancing its competitive edge. Dan Riordan, Head of Political Risk and Trade Credit for MSIG USA, highlighted the increasing demand for such insurance, stating, “Our collaboration with MSIG Singapore and MSIG Hong Kong will allow us to offer more localised expertise and strengthen our ability to provide comprehensive coverage.”

This initiative underscores MSIG’s commitment to delivering innovative insurance solutions, addressing the challenges of international trade and investment. The partnership is set to enhance MSIG’s capability to serve multinational clients effectively, ensuring they are well-equipped to handle uncertain geopolitical and economic conditions.
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AIA Group Limited, a leading insurance company, has reported strong underlying momentum in its financial results for FY 2024, with notable developments in Thailand and Singapore. The company has achieved nearly 100% margins in Thailand, driven by high demand for unit-linked products.

In Singapore, AIA has strategically shifted towards wealth management, resulting in a 168-point drop in margins due to a focus on savings products.

Thailand’s remarkable margin growth, up from 71% five years ago, highlights AIA’s successful strategy in the region. The demand for unit-linked products, particularly those with high-margin riders, has been a key contributor. Meanwhile, Singapore’s transition to a wealth management hub has allowed AIA to capitalise on the country’s growth, despite a decline in margins.

Other markets have also shown promising growth, with volumes increasing by 17%, a significant acceleration from previous years. The Australian Group business has been a notable contributor to this growth.

AIA’s Contract Service Margin (CSM) has grown by 9%, positioning the company as one of the fastest-growing life insurers globally. This growth outpaces its EMEA-listed peers, which typically aim for a 2% annual increase.

The company’s US$16b buyback programme includes a US0.6b top-up to align with its 75% payout ratio of annual net free surplus generation. Although slightly lower than some expectations, the buyback remains substantial in the context of AIA’s market capitalisation.

Looking ahead, AIA’s strategic focus on high-margin products and wealth management positions it well for continued growth in key markets. The company’s competitive edge in fees, particularly in Hong Kong’s Electronic Mandatory Pension Fund, may further consolidate its market position, Jefferies Equity Research noted.
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Singapore’s iconic Orchard Road is witnessing a resurgence in investment interest, driven by significant developments such as the ION Orchard deal and a privatisation offer for Paragon. These moves are attracting attention to the area’s trophy malls, according to a recent report by DBS Vickers Securities.

The report highlights that Orchard Road’s passing rents are still approximately 4% below pre-pandemic levels. However, this gap is expected to close rapidly due to the reversal of the Singapore Dollar’s strength and retailers’ price harmonisation, which are anticipated to boost both local and tourist luxury spending.

Retail-focused Real Estate Investment Trusts (REITs) are currently trading below book value, undervaluing quality central malls at less than SGD3,000 per square foot or with implied yields of 5% to 10%. This presents a potential opportunity for investors looking to capitalise on undervalued assets.

Among the REITs, CapitaLand Integrated Commercial Trust (CICT) is noted for its superior asset yields. Meanwhile, Lendlease Global Commercial REIT (LREIT), trading at 0.66 times its price-to-book ratio, is identified as a potential candidate for privatisation.

These developments suggest a promising outlook for Orchard Road’s retail landscape, with potential implications for increased investment and growth in the sector. As the area continues to attract interest, stakeholders are keenly observing the evolving dynamics and opportunities within Singapore’s retail market.
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ETC Travel Retail is set to open its first outlets at Changi Airport, offering a unique platform for Singaporean food brands to reach international tourists. The brand consolidator, ETC, has won the airport tender to establish retail outlets that will promote local food products to a global audience. The first store in Terminal 2 will open in mid-March 2025, followed by another in Terminal 1 in July 2025.

ETC, which stands for Engage, Transform, Connect, aims to elevate the profiles of Singaporean brands by providing them with an international marketing opportunity. Founder and CEO Edmond Wong, a London-born Singaporean, was inspired to create ETC after noticing the lack of Singaporean products available at Changi Airport for travellers. “When I started working with local brands for ETC, I also noticed there was a possibility to truly bring Singapore products to the international market through the ETC concept,” Wong stated.

The outlets will feature a range of products that are compact, lightweight, and perfect for travel, making them ideal souvenirs. All products are made with premium ingredients, free from preservatives, and contain no pork or lard. In addition to the airport locations, ETC products will be available at Marina Square, a kiosk in Jewel, and online platforms such as Shopee Mall and Lazada Mall.

ETC’s initiative not only provides a new revenue stream for local brands but also offers them insights into international market preferences, preparing them for future global expansion. The company plans to expand its presence to other regional and international airports, aiming to become known as the “Singapore Store” for the best local products.
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Singapore has been identified as a major player in global capital flows within the Asia Pacific (APAC) region, according to Colliers’ latest Global Capital Flows report for March 2025. The report underscores Singapore’s position as the second most attractive cross-border destination for land and development sites, trailing only China, with nearly $1.5 billion invested over the past year.

Despite a 5.7% decline in capital outflow share in the second half of 2024, Singapore maintained its status as the fourth strongest source of capital flow to other countries. Bastiaan van Beijsterveldt, Managing Director of Colliers Singapore, remarked, “Singapore’s strategic positioning and robust investment appeal have solidified its status as a global capital hub.”

The report also highlights the broader APAC region’s investment appeal, with six sectors, including office and industrial, attracting $183 billion over the past 24 months. Chris Pilgrim, Managing Director of Global Capital Markets for Colliers Asia Pacific, noted, “With significant capital flowing into key real estate sectors such as office, industrial, and retail, the region continues to lead in cross-border investment.”

Asia Pacific’s dominance in global cross-border capital flows is further evidenced by its seven out of the top 10 destinations for land and development sites globally. As 2025 progresses, the region is expected to benefit from an expansion in global cross-border activity, particularly with the strength of the US dollar.
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HL Assurance has become the first insurance provider in Singapore to launch a combination of core travel insurance add-ons, enhancing its comprehensive travel protection suite. The new offerings, available from 13 March 2025, include coverage for pre-existing medical conditions, reduced flight delay payout time, and protection for loss of frequent flyer miles, catering to the evolving needs of today’s travellers.

The introduction of these add-ons comes as travel resumes to pre-pandemic levels, with Changi Airport recording 67.7 million passenger movements in 2024. With 37% of flights worldwide experiencing delays, HL Assurance aims to provide faster claims processing and flexible coverage. CEO Kelvin Lim stated, “Our new travel add-ons are designed to address real concerns—whether it’s ensuring pre-existing medical conditions are covered, allowing earlier claims for flight delays, or protecting valuable travel rewards.”

The pre-existing medical conditions add-on offers expanded protection for travellers with ongoing health issues. The reduced flight delay payout time add-on allows claims after just three hours of delay, down from the standard six. Additionally, the loss of frequent flyer miles add-on safeguards accumulated miles due to cancellations.

To celebrate the launch, HL Assurance is offering single-trip plans at a reduced rate of up to 55% and reduced premiums for returning customers through a No Claim Discount benefit. Travellers purchasing Travel Protect360 plans before June 2025 may also win complimentary flight tickets.

HL Assurance’s commitment to a customer-first approach aims to transform the travel insurance experience, making it more flexible and relevant for every journey. For more information, visit the HL Assurance website or contact an authorised agent.
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