Industry News

ARK Group, the global wealth management platform under Noah Holdings Limited, has significantly expanded its presence in Singapore by opening a new overseas headquarters.

This move, announced on 5 March 2025, triples the firm’s existing footprint in the city-state and is a strategic step in its global expansion initiative.

The new facility, located at 333 North Bridge Road, positions ARK Group at the heart of Singapore’s dynamic wealth management ecosystem, which offers a robust regulatory environment and vast opportunities for growth.

Jingbo Wang, co-founder and chairwoman of Noah, highlighted the significance of this expansion, stating that it marks a pivotal milestone in ARK Group’s journey to deliver tailored solutions for global Chinese clients. The company is also investing heavily in talent acquisition to bolster its team and enhance its client-centric services. Zander Yin, CEO of Noah Holdings, emphasised that this investment in Singapore serves as a crucial gateway for delivering seamless wealth management solutions across the global Chinese corridor.

The expansion announcement was attended by leading financial institutions, including JP Morgan, Goldman Sachs, and HSBC. Robert F. Smith, founder and CEO of Vista Equity Partners, also spoke at the event, discussing generative AI and the current market environment.

ARK Group’s presence in Singapore is supported by key regulatory licences from the Monetary Authority of Singapore. Whilst the Hong Kong office remains a critical regional hub, the firm is committed to enhancing client services across all its locations, including Tokyo, New York, and Los Angeles. With over $87 billion in assets under advisement, ARK Group aims to be the preferred wealth management platform for global Chinese investors.
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Verizon Business has announced the addition of Singtel and Skylo as new partners to its Global IoT Orchestration platform, significantly expanding its international IoT connectivity offerings. This collaboration allows Verizon’s IoT customers to access wireless services in up to 200 territories worldwide, managed through the Verizon ThingSpace IoT management portal.

Singtel, a Singapore-based communications technology group, will support Verizon’s Global IoT Orchestration service by providing IoT connectivity in the Asia Pacific region. This partnership enables enterprises to deploy and manage IoT devices internationally, leveraging Singtel’s extensive multi-domestic network. “Singtel is excited to support Verizon’s customers with our multi-domestic network offerings,” said Lee Kwang Yong, Vice President, Enterprise Products, Singtel Singapore.

In the US, Skylo will enhance Verizon’s IoT services by offering satellite-IoT connectivity, ensuring network coverage in areas where terrestrial connectivity is limited. This service is expected to expand internationally, further broadening Verizon’s IoT reach. Tarun Gupta, Chief Product Officer and co-founder of Skylo, stated, “Skylo is honoured to deepen our commercial relationship with Verizon for Industrial and Enterprise IoT Solutions.”

Verizon’s Global IoT Orchestration, now commercially available, integrates seamlessly with the ThingSpace platform, allowing customers to manage IoT connectivity across various territories using a single interface. Shamik Basu, Vice President, Strategic Connectivity at Verizon Business, expressed enthusiasm about the development, saying, “We’re thrilled to see Global IoT Orchestration in-market now.”

This strategic expansion underscores Verizon’s commitment to providing comprehensive IoT solutions, facilitating enhanced connectivity and operational efficiency for businesses worldwide.
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Singapore’s government has announced a significant increase in public housing supply, with plans to launch over 50,000 build-to-order (BTO) flats from 2025 to 2027. This move, revealed during the Committee of Supply debate on the Ministry of National Development’s Budget, aims to address the strong demand for Housing Development Board (HDB) flats in the resale market.

The initiative includes a higher proportion of Shorter Waiting Time (SWT) flats, with about 3,800 SWT flats—20% of this year’s BTO supply—offered with a waiting time of less than three years. PropNex CEO Ismail Gafoor commented, “The continued roll-out of an ample stock of new BTO flats will give more options to prospective buyers and could help to ease the strong demand for HDB flats in the resale market, and in turn, keep resale flat prices stable.”

The Ministry of National Development (MND) also highlighted an increase in the number of flats completing their five-year minimum occupation period (MOP), rising from 8,000 this year to 19,500 by 2028. This increase is expected to alleviate the resale flat supply tightness.

In October 2025, the first BTO project in Mount Pleasant will launch, featuring 1,500 new units. Located near the Mount Pleasant MRT station, the project is expected to attract significant interest due to its central location and proximity to amenities.

Additionally, the government will revise the additional buyer’s stamp duty (ABSD) regime for developers undertaking complex projects. The ABSD remission timeline will be extended by six months to a year for qualifying projects acquired on or after 6 March 2025. Gafoor noted, “Such extensions will give developers more flexibility and may help to mitigate development risks to some extent.”

These measures are part of broader efforts to stabilise the housing market and support both buyers and developers in Singapore.
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Singapore residents have set new records in travel spending during the year-end and Lunar New Year holidays, according to Visa. The payments technology company highlighted that outbound spending surged in December and January, driven by a strong Singapore dollar and changing consumer preferences. Shopping and dining emerged as the top categories, accounting for 61% of travel expenditure.

Visa’s data reveals that retail spending increased by 14% year-on-year (YoY), whilst spending on restaurants and fast food rose by 27% YoY and 30% YoY, respectively. Malaysia, Japan, and Thailand were the leading destinations for Singaporeans, with Malaysia maintaining its position as the top travel corridor. Visa-free travel to China resulted in an 86% increase in spending, reflecting a broader trend of increased regional travel.

Japan and Thailand saw significant growth in travel spending, with increases of 42% YoY and 29% YoY, respectively. Malaysia experienced a 75% YoY rise in food and groceries spending, reinforcing its status as a key travel hub. Adeline Kim, Visa Country Manager for Singapore & Brunei, noted, “Travel continues to be a key category of spend for Visa cardholders in Singapore.”

During the Lunar New Year holiday, cross-border spending grew by 22% YoY. Malaysia remained the preferred destination, with jewellery store spending surging by over 220%. Japan and Thailand also saw notable increases in spending, driven by ski season and healthcare tourism, respectively. As travel planning becomes more strategic, Singaporeans are increasingly making early bookings to manage costs and secure better deals.
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Retail sales in Singapore saw a notable increase of 4.5% in January 2025 compared to the same month last year, according to the latest data from the Singapore Department of Statistics.

Excluding motor vehicles, the rise was slightly higher at 4.8%.

Meanwhile, the food and beverage services sector experienced a significant boost, with sales climbing 10.4% compared to January 2024.

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The quota for second timer families purchasing three-room or larger Build-To-Order (BTO) flats has been increased by 5 percentage points, according to Huttons Asia. This adjustment is expected to enhance the chances for second timer families in BTO exercises, potentially attracting more applicants from this group and diverting some demand away from the resale market for three-room and four-room flats.

Whilst three-room and four-room flats are widely available across most BTO projects, five-room flats are limited to non-mature estates. Consequently, buyers seeking executive flats or centrally located five-room flats will still need to turn to the resale market. This shift could alleviate some pressure in the resale market in 2025, which is currently experiencing its lowest supply of Minimum Occupation Period (MOP) flats in a decade.

Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, noted, “It may slow the pace of price increase for three-room and four-room flats but not for the five-room and larger flats.” This suggests that whilst the quota increase may stabilise prices for smaller units, the demand for larger flats in central locations may continue to drive prices upward.

Overall, the quota increase is seen as a strategic move to balance the demand between BTO and resale markets, potentially easing the upward pressure on resale flat prices in the coming years.
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The Ministry of National Development has announced an extension of the Additional Buyer’s Stamp Duty (ABSD) timeline for complex projects by six months to one year. This change is expected to benefit developers and support urban rejuvenation efforts by acknowledging the additional time needed for planning and selling larger or more intricate projects.

According to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, this extension is “great news for developers and also for urban rejuvenation.” He noted that the additional time could provide a much-needed boost to the en bloc market, particularly for larger en bloc projects. However, Lee cautioned that the success of such projects remains heavily reliant on setting a realistic selling price.

The extension reflects the government’s recognition of the challenges faced by developers in managing complex projects, which often require more time for thorough planning and execution. By easing the timeline constraints, the MND aims to facilitate smoother project completions and potentially stimulate more activity in the property market.

As the en bloc market continues to navigate various challenges, this policy adjustment could serve as a catalyst for renewed interest and investment, provided developers approach pricing strategically.
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McCann Singapore has announced the expansion of its creative team, welcoming five new hires to bolster its offerings amidst recent business wins and portfolio growth. The agency, celebrating its 50th anniversary in Singapore, aims to enhance its creative services with these additions.

The new team members include Martin Coppola, a multi award-winning Creative Director from Uruguay, who joins from the LEGO Group. Coppola will focus on regional accounts for DHL and Ferrero. Wynn Grey, a versatile Art Director and tattoo artist, brings experience from brands like SK-II and Samsung, and will work on Singapore Government business, Ferrero, and DHL.

Seth Low, a Junior Art Director, joins McCann in his first full-time role, having already gained recognition through internships and awards. Luna Teo, a Copywriter with a background in convergence advertising, comes from Goodstuph and will contribute to McCann Content Studio. Jodi Ong, a Junior Copywriter, also from Goodstuph, will work across Singapore Government and multinational corporation clients.

Valerie Madon, Chief Creative Officer for McCann Worldgroup Asia Pacific and Singapore, expressed confidence in the new hires, stating, “These colourful talents inject new energy to our team, and their diverse experiences will shape our agency’s future.” Nick Handel, President of McCann Worldgroup Southeast Asia, highlighted the strategic growth as part of the agency’s commitment to delivering innovative solutions.

As McCann Singapore continues to strengthen its position in the industry, these new hires are expected to play a pivotal role in driving the agency’s future success.
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Researchers from the Singapore-MIT Alliance for Research and Technology (SMART) have developed a pioneering near-infrared fluorescent nanosensor capable of detecting and differentiating between two forms of iron, Fe(II) and Fe(III), in living plants. This breakthrough, announced on 28 February 2025, offers real-time, non-destructive monitoring of iron uptake and metabolism, marking a significant advancement in plant health monitoring and agricultural practices.

The nanosensor, developed by SMART’s Disruptive & Sustainable Technologies for Agricultural Precision (DiSTAP) group, in collaboration with Temasek Life Sciences Laboratory and MIT, addresses the limitations of traditional methods that only measure total iron levels. By distinguishing between Fe(II) and Fe(III), the sensor provides insights into iron uptake efficiency, enabling precise fertilisation strategies that reduce waste and improve crop productivity.

Dr Duc Thinh Khong, a DiSTAP research scientist, highlighted the sensor’s potential impact: “This breakthrough sensor is the first of its kind to detect both Fe(II) and Fe(III) in living plants with real-time, high-resolution imaging. With this technology, we can ensure plants receive the right amount of iron, improving crop health and agricultural sustainability.”

The nanosensor’s high spatial resolution allows for precise localisation of iron within plant tissues, offering detailed observations of iron dynamics. Tested on spinach and bok choy, the sensor is species-agnostic, applicable across various crops without genetic modification. Beyond agriculture, it holds promise for environmental monitoring and health sciences, particularly in studying iron metabolism and related diseases.

Future research aims to expand the sensor’s capabilities to detect other micronutrients and integrate it into automated farming systems, further enhancing agricultural sustainability and efficiency.
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OrangeTee has expressed support for the recent proposal to extend the Additional Buyer’s Stamp Duty (ABSD) remission deadline for developers, as discussed in the Ministry of National Development’s Committee of Supply debate.

The extension is seen as a fairer approach, allowing larger and more complex projects more time to ensure quality construction standards. This change is particularly timely given the anticipated increase in projects with complex requirements near MRT stations, such as those in Jurong, Hougang, and new growth areas like Mount Pleasant.

Despite the benefits of the extension, developers may still face challenges, particularly with en bloc sales, which depend on buyer and seller negotiations. Smaller projects that do not qualify for ABSD remission may struggle to sell all units, especially high-end projects reliant on foreign buyers affected by increased ABSD rates.

In addition, OrangeTee commented on the increase in the Fresh Start Housing Grant, which aims to help public rental families achieve homeownership. This initiative is expected to lower financial barriers for first-time buyers, fostering stronger communities and enhancing social equity.

The Silver Housing Bonus will also be expanded to include seniors selling private properties with an annual value between S$21,000 and S$31,000. This offers seniors an opportunity to improve financial stability and retirement planning, though some may opt out due to cultural beliefs about inheritance.

Finally, the upcoming Build-To-Order (BTO) project at Mount Pleasant is anticipated to be highly popular due to its central location and proximity to amenities. Prices for these BTO flats are expected to be competitive, with strong demand anticipated based on previous application rates in similar areas.
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