Industry News

The latest survey by CBRE reveals that Singapore remains one of the top five hotel investment destinations in the Asia Pacific (APAC) region, alongside Tokyo, Sydney, Seoul, and Bangkok. The 2025 Asia Pacific Hotel Investor Intentions Survey highlights a significant shift in investor sentiment, with 72% of respondents planning to increase their hotel asset allocations this year. This trend underscores the resilience of the hospitality sector as a robust asset class.

Singapore’s enduring appeal as an investment hub is attributed to its resilience despite growing regional competition. However, faster year-on-year tourism rebounds in countries like Japan, Korea, and India may divert some investor focus. Steve Carroll, Head of Hotels, Capital Markets, Asia Pacific at CBRE, noted, “After performing strongly over the past 18 months, investors anticipate hotel and living assets in Asia Pacific to have the most optimistic pricing expectations in 2025.”

Key trends reshaping the hotel investment landscape include a pivot towards upscale and midscale hotels over luxury options, driven by value-add opportunities and rising development costs. Investors are increasingly favouring adaptive reuse, redevelopment, and rebranding over new builds due to high development costs. Additionally, hybrid hospitality models, such as long-stay and co-living hotels, are gaining traction, reflecting evolving consumer travel behaviours.

As these trends continue to influence investor sentiment, Singapore’s position as a leading hotel investment hub in APAC is expected to remain strong, with potential implications for future market dynamics.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore has announced significant tax measures in its 2025 Budget, aiming to sustain its impressive GDP growth of 4.4% amidst global economic challenges. The government has introduced these changes to ensure continued economic resilience in the face of trade wars and geopolitical tensions.

The budget outlines three primary categories of tax changes: general tax adjustments, modifications relevant to financial institutions and the fund management industry, and updates pertinent to the shipping sector. These measures are designed to support businesses in navigating the complexities of the current global landscape.

Abhijit Ghosh, Louisa Yeo, and Darryl Kinneally from Alvarez & Marsal highlighted the importance of these tax measures in maintaining Singapore’s economic stability. They noted, “Singapore seeks to navigate these complexities and continue its trajectory of growth and development.”

The general tax changes aim to provide broad support across various industries, whilst specific adjustments for financial institutions and fund management are expected to enhance the competitiveness of Singapore’s financial sector. Meanwhile, the shipping industry will benefit from targeted tax incentives to bolster its global standing.

These strategic tax measures reflect Singapore’s proactive approach to economic management, ensuring that the nation remains a robust player on the global stage. As the world continues to grapple with economic uncertainties, Singapore’s forward-looking budget positions it well for sustained growth and development.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

In a surprising turn of events, Singapore’s Prime Minister and Finance Minister, Lawrence Wong, announced a fiscal surplus of 0.9% of GDP for the fiscal year 2025, maintaining the same level as in 2024. This announcement, made during the FY25 Budget speech, defied consensus expectations and Nomura’s forecast of a 0.3% deficit, largely due to the upcoming general elections. The unexpected surplus was attributed to higher corporate income tax revenues.

Despite the overall surplus, the basic balance, which excludes top-ups to endowment and trust funds, shifts to a deficit of 0.6% of GDP from a 0.1% surplus in FY24. This indicates an expansionary fiscal stance aimed at providing a buffer against external risks. The Ministry of Finance estimates the fiscal impulse to be at 0.9% of GDP, suggesting a more expansionary approach compared to FY24.

The Budget also introduced measures to address cost of living pressures, including an increase in Community Development Council vouchers to S$800 per household and doubling U-Save utilities rebates for eligible HDB households. Additionally, a new “SG60 package” was announced to commemorate Singapore’s 60th year of independence, offering SG60 vouchers and a 60% personal income tax rebate.

Further investments were earmarked for long-term priorities under the Forward SG agenda, including a S$3bn top-up to the National Productivity Fund and SGD5bn for the Changi Airport Development project. The Budget also supports worker upskilling through the SkillsFuture Level-Up Programme and a new SkillsFuture Workforce Development Grant.

Nomura revised its FY25 fiscal forecast to a surplus of 0.9% of GDP, reflecting the government’s long-term economic plans for sustainable and inclusive growth. The stronger-than-expected revenue collections in FY24, driven by corporate income tax, suggest a positive outlook for 2025, allowing for potential future fiscal support measures.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Healthway Medical Group has launched the Nobel Obstetrics, Gynaecology and Minimally Invasive Surgery Centre in Singapore, aiming to revolutionise women’s healthcare with advanced minimally invasive surgery (MIS) techniques. Led by Dr. Michelle Lim Hui Ping, a consultant obstetrician and gynaecologist with over 15 years of experience, the clinic offers MIS as a first-line standard of care, focusing on fertility preservation, organ conservation, and anatomy restoration.

Lim, who has performed over 800 advanced MIS procedures, highlights the benefits of these techniques, which include reduced pain, shorter hospital stays, and quicker recovery times. “Increasingly, I see more women, regardless of age, request surgical options with the goal of fertility preservation,” she said. “Fortunately, medical advancements make this possible.”

The clinic aims to raise awareness about MIS options, which can prevent the need for open surgery or organ removal. For instance, new techniques allow fibroid tissues to be removed through keyhole surgery, and ovarian cysts can be treated with laparoscopic suturing, preserving fertility and organ function.

Healthway Medical Group, known for its commitment to adopting new technologies, hopes the clinic will empower women to make informed healthcare choices. The Nobel Medical Group, managing the specialist clinics, provides services across 13 clinics and nine medical specialities. The new centre is located at Mount Elizabeth Novena Specialist Centre, Singapore.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

StarHub has announced a 7.7% increase in net profit for the financial year ending 31 December 2024, reaching S$161.7m, up from S$150.2m in the previous year. The company also reported service revenue of S$2b and total revenue of S$2.4b, marking year-on-year growth of 3.9% and 1.4%, respectively.

The growth was largely driven by the Enterprise Business, which saw a 14.1% increase in revenue, totalling S$980.9m. This was bolstered by significant gains in Cybersecurity Services, up 26.2%, and Regional ICT Services, up 13.1%. Managed Services also contributed with a 16.5% rise, driven by modern digital infrastructure solutions.

In the consumer sector, StarHub’s Mobile business experienced strong growth in SIM Only subscriptions, particularly through its giga! and MVNOs, as part of its Multi-Brand, Multi-Segment strategy. Mobile revenue for the year was S$577m, with churn remaining low at 1.0% in the fourth quarter. The Broadband business also expanded, reporting S$250.1m in revenue, thanks to higher ARPU and increased subscriptions to higher-bandwidth plans.

Looking ahead to FY2025, StarHub plans to continue expanding its market share whilst optimising costs across all segments. The company expects stable EBITDA and aims to scale its Enterprise Business further in the ASEAN region. A final dividend of 3.2 cents per share has been declared, bringing the total FY2024 dividend to 6.2 cents per share, exceeding expectations.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

The Southeast Asia InsurTech market experienced a dramatic 61% decline in funding in 2024, according to the Tracxn Geo Annual Report. Funding plummeted from $495m in 2023 to $193m in 2024, reflecting a global trend of reduced investment due to macroeconomic uncertainties, higher inflation, and increased interest rates.

The report highlights that Singapore led the region in funding, securing $135m, whilst Jakarta and Kuala Lumpur followed with $50.5m and $1.2m, respectively. Insurance IT, Internet-First Insurance Platforms, and Employer Insurance were the top-funded segments, though all saw significant reductions compared to previous years.

Despite the downturn, the second half of 2024 (H2) showed a 35% increase in funding compared to the first half, raising $111m. This period accounted for nearly half of the year’s total funding, indicating potential recovery. Notably, Bolttech’s $100m Series C funding round was the largest of the year.

Acquisition activity also slowed, with only one acquisition in 2024 compared to five in 2023. Roojai’s acquisition of Lifepal was the sole transaction. The absence of new unicorns mirrored the previous year’s trend.

Key investors such as Wavemaker Partners, East Ventures, and Openspace Ventures remained active, with Y Combinator, Bee Next, and Appworks leading seed-stage investments. Despite challenges, Southeast Asia’s resilience and government support offer optimism for future growth in the InsurTech sector.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Far East Hospitality Trust (FEHT) has announced its expansion into Japan with the acquisition of the Four Points by Sheraton Nagoya, Chubu International Airport. This strategic move marks FEHT’s first foray into the Japanese market, aligning with its long-term strategy to diversify income sources whilst maintaining a focus on Singapore.

The newly acquired property is an upscale hotel featuring 319 rooms, located conveniently near Chubu International Airport in Aichi. Opened in November 2018, the hotel boasts an average room size of 26 square metres and is managed by Marriott International. The acquisition was completed for an initial purchase price of JPY 6.0 billion (approximately $52.8 million), with a potential additional payment of up to JPY 1.75 billion ($15.4 million) contingent on the hotel’s performance over the next three years.

FEHT’s decision to invest in Japan is driven by the country’s burgeoning tourism market and the hotel’s strategic location, which offers excellent accessibility to key transport hubs. The property is a freehold asset with further development potential, enhancing its attractiveness as an investment.

This acquisition represents a significant step in FEHT’s growth strategy, allowing it to leverage Central Japan’s growth opportunities. By diversifying its portfolio, FEHT aims to build resilience and ensure sustainable growth in the competitive hospitality sector.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

The Singapore Airlines (SIA) Group reported a 3.3% increase in its operating profit for the third quarter of FY2024/25, reaching S$629m. This growth was driven by record passenger numbers, with SIA and its low-cost subsidiary, Scoot, carrying 10.2 million passengers, marking a 7.2% increase from the previous year. Despite this, passenger yields fell by 4.5% due to heightened competition.

The Group’s revenue hit a record S$5.2b, a 2.7% rise from the same period last year, bolstered by strong demand for air travel. Cargo revenue also saw a significant boost, increasing by 9.7% due to robust e-commerce activity and increased freighter charters.

Expenditure rose by 2.6% to S$4.59b, with non-fuel costs up by 8.6%. However, net fuel costs decreased by 9.8%, aided by a 20.9% drop in fuel prices. The Group’s net profit soared by 146.7% to S$1.63b, largely due to a S$1.1b non-cash accounting gain from the merger of Air India and Vistara.

SIA continues to expand its network, launching new routes and increasing flight frequencies. The Group’s fleet now includes 207 aircraft, with plans to introduce new cabin products across its Airbus A350-900 fleet. The merger with Air India, completed in November 2024, has also strengthened SIA’s presence in the Indian market.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Ken Cheung, the founder of Singapore-based QQ Music and a veteran in the tech, media, and entertainment sectors, has been appointed as the Chairman, Asia Pacific, and General Partner of Creative Capital Ventures (CCV).

Cheung brings over 30 years of experience from his roles at Tencent, Warner Music Group, BBC, Facebook, and Instagram. His leadership is expected to drive CCV’s expansion and investment strategy across Asia Pacific, North America, and Europe.

CCV, an innovation group focused on cultural and lifestyle sectors, recently launched a €50m fund (S$69.86m) to support early-stage tech companies and intellectual property acquisitions. The appointment of Cheung is seen as a strategic move to leverage his extensive experience and network to capitalise on emerging opportunities in the region.

John Darling, Founding Partner of CCV, emphasised the importance of Cheung’s role, stating, “Ken’s appointment marks a transformative moment for CCV as we expand our footprint in Asia Pacific. His unparalleled experience and proven track record in building and scaling businesses across multiple regions align perfectly with our mission to accelerate cultural and lifestyle innovation globally.”

Cheung expressed his enthusiasm for the new role, highlighting the immense opportunities in Asia Pacific, which accounts for over 60% of the world’s population and includes rapidly growing economies like China, Japan, India, and Indonesia. He aims to connect opportunities across Asia and beyond, working closely with CCV’s team of General and Venture Partners.

This strategic appointment signals a new phase of growth for CCV, as it strengthens its leadership team and enhances its role in high-impact investments.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore’s wholesale trade sector experienced a mixed performance in the fourth quarter of 2024, according to the latest figures from the Singapore Department of Statistics.

Domestic wholesale sales saw a decline of 4.4% compared to the same period in 2023. However, when petroleum was excluded, the drop was less severe at 0.7%.

Foreign wholesale sales also faced a downturn, decreasing by 2.9% year-on-year. Yet, excluding petroleum, foreign sales actually grew by 2.1%.
“`

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.