Industry News

DKSH Consumer Goods Singapore has announced a strategic partnership with Malaysian beverage company Vida World Sdn. Bhd. to bring Vida Water, a line of premium hydration solutions, to the Singapore market. This collaboration aims to expand DKSH’s beverage portfolio and cater to the increasing demand for high-quality hydration products.

The partnership will leverage DKSH’s extensive distribution network to enhance the reach and visibility of Vida Water across Singapore. By connecting Vida World’s premium beverages with DKSH’s established relationships in retail, general trade, and food service outlets, the collaboration seeks to ensure swift market penetration.

Vida World, known for its diverse range of beverages including juices, smoothies, and functional drinks, has established itself as a premium brand globally. Chan Meng Yang, CEO of Vida World, expressed enthusiasm about the partnership, stating, “Our joint efforts will ensure that this exceptional product reaches those who prioritise health and wellness, whilst contributing to the growth and innovation of the hydration category.”

Adrian Kang, Vice President of Fast Moving Consumer Goods at DKSH Singapore, highlighted the alignment of the partnership with DKSH’s mission of delivering high-quality consumer goods. “With 160 years of experience in the Asian market and a commitment to excellence, we are confident that Vida Water will quickly become a go-to choice for health-conscious consumers in Singapore,” Kang said.

This partnership not only diversifies DKSH’s product offerings but also creates cross-selling opportunities across its consumer goods portfolio, aiming for long-term growth and success for both companies.
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The Formula 1 Singapore Airlines Singapore Grand Prix 2025 is set to feature iconic performances by Elton John and G-DRAGON at the Padang Stage, enhancing the excitement of the night race from 3rd to 5th October. In addition to the star-studded line-up, new ticket options have been released, including a brand-new Marina Bay Grandstand and single-day walkabout tickets.

G-DRAGON, the South Korean superstar, will make his long-awaited return to Singapore on 3rd October, marking his first performance in the city-state in seven years. Known for his influence in the music industry since his debut with BIGBANG, G-DRAGON will perform at the Padang Stage in Zone 4. His upcoming album, ‘Übermensch’, is set for release on 25 February.

Elton John will close the race weekend on 5th October, performing after the Formula 1 race. The British pop legend, renowned for hits like “Rocket Man” and “Tiny Dancer”, will return to the stage following his record-breaking ‘Farewell Yellow Brick Road’ tour.

The 2025 Formula 1 season promises thrilling action with Lewis Hamilton debuting for Scuderia Ferrari and the introduction of five new drivers at the Marina Bay Street Circuit. The event will also feature the Porsche Carrera Cup Asia and the F1 Academy, with expanded grids and new teams.

Due to high demand, additional tickets have been made available, including the new Marina Bay Grandstand, offering prime views and access to all performance stages. Single-day walkabout tickets start at $108 (S$148), whilst hospitality packages are nearly sold out.

Singapore GP Pte Ltd recently won the ‘Fan Experience’ award at the Formula 1 Promoter Awards, recognising their exceptional fan engagement and entertainment offerings. Tickets are available through the Singapore GP website and authorised partners.
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Sonar, a leader in code quality and security solutions, has announced its acquisition of AutoCodeRover, an autonomous AI agent platform developed by researchers from the National University of Singapore (NUS). This strategic move is set to enhance Sonar’s offerings by addressing engineering challenges such as debugging, issue remediation, and code refactoring, reinforcing its commitment to AI-driven development.

AutoCodeRover, a pioneering platform in the use of Large Language Models (LLMs) for coding, has demonstrated strong results on SWE-bench, a benchmark for automatic software issue remediation. The platform automates steps in the software development life cycle by inferring developer intent, thus streamlining processes and improving efficiency.

Sonar plans to integrate AutoCodeRover with its SonarQube offerings later this year, promising to accelerate development, improve code quality, reduce costs, and foster innovation. The platform’s LLM-agnostic design ensures compatibility with various language models, offering users flexibility in choosing the best solutions for their needs.

Tariq Shaukat, CEO of Sonar, highlighted the potential of AI agents to enhance developer productivity and satisfaction by reducing time spent on non-creative tasks. “Agentic AI working side by side with developers will help them build better, faster, and spend more of their time on the activities they enjoy,” he stated.

Ridwan Shariffdeen, CEO and co-founder of AutoCodeRover, expressed enthusiasm about the collaboration, noting that combining their advanced technology with Sonar’s solutions will drive significant impact for developers globally. This acquisition marks a significant step in advancing AI’s role in software development, with potential implications for the industry’s future.
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Rental volumes for both condominiums and Housing Development Board (HDB) flats in Singapore increased in January 2025, according to the latest report from 99.co and SRX. This rise in activity comes despite a decline in rental prices, driven by expatriates securing leases and tenants capitalising on lower rents.

Condominium rental prices saw a slight decrease of 0.3% from December 2024, with the Core Central Region (CCR) and Rest of Central Region (RCR) experiencing declines of 0.6% and 0.4%, respectively. The Outside Central Region (OCR) remained stable. Year-on-year, overall condo rental prices increased by 0.5%, with the CCR seeing a 1.8% decrease, whilst RCR and OCR rose by 1.9% and 0.4%, respectively.

Rental volumes for condos increased by 7.6% month-on-month, with 6,306 units rented in January 2025 compared to 5,862 in December 2024. However, volumes were 5.6% lower than the five-year average for January.

In the HDB market, rental prices fell by 0.6% from the previous month, with Mature and Non-Mature Estates seeing decreases of 0.1% and 0.9%, respectively. Despite this, year-on-year rental prices increased by 3.8%. Rental volumes for HDB flats rose by 7.5% month-on-month, although they were 12.9% lower than January 2024.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that landlords were more willing to negotiate lower prices rather than leave units vacant. He added that the price decline might be temporary due to firm demand. As condo rents potentially fall further, some tenants may opt for condos over HDB flats, potentially impacting HDB rental prices in the coming months.
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Private residential rental levels in Singapore have stabilised in 2024, marking a return to market norms after significant growth from 2021 to 2023, according to Savills Research.

The average monthly rent for luxury condominiums increased by 1.7% quarter-on-quarter (QoQ) in Q4 2024, despite a 24.2% drop in leasing volume to 19,733 transactions.

The decline in leasing volume was primarily driven by a 30.8% QoQ decrease in rental contracts for landed houses. Non-landed flats and condominiums also saw a 23.7% QoQ decrease across all market segments, including the Core Central Region, Rest of Central Region, and Outside Central Region. However, on a year-on-year basis, leasing numbers rose by 3.7%.

Despite the drop in leasing activity, landlords have resisted lowering rents due to higher property taxes and conservancy charges, coupled with limited availability of large luxury flats. George Tan, Managing Director of Livethere Residential at Savills Singapore, noted that expatriates and professionals who are flexible in their housing choices could find deals that fit their budget and lifestyle, especially in suburban areas.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, highlighted potential challenges in 2025, citing the adoption of artificial intelligence in the workplace as a factor that could reduce demand for rental housing from expatriates. However, fewer new private home completions and higher property taxes may help maintain rental levels.

The stock of completed private residential properties rose by 0.7% QoQ in Q4 2024, whilst the vacancy rate decreased by 0.6 percentage points to 6.6%, indicating a modest recovery in the market.

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Beng Kuang Marine has announced a 167.7% YoY increase in net profit, reaching S$21.19m for the financial year 2024. This surge is attributed to a strategic shift towards an asset-light and service-oriented business model, which has driven revenue up by 41.3% yer-on-year (YoY) to S$111.88m. The company plans to reward its shareholders with a proposed dividend of S$0.006 per share.

The company’s Infrastructure Engineering (IE) division experienced a notable organic revenue growth of 60.3% YoY, amounting to S$91.43m, driven by strong demand for asset integrity solutions and services for floating assets like Floating Production Storage and Offloading vessels (FPSOs) and Floating Storage and Offloading vessels (FSOs). This growth was further supported by the company’s efforts to streamline operations and exit loss-making ventures, resulting in an improved gross profit margin of 34.6% compared to 31.5% in the previous year.

A one-off gain of S$5.51m from a partial land sale also contributed to the financial results. The company reported a net cash inflow of S$13.47m from operating activities, strengthening its balance sheet with cash and cash equivalents rising to S$22.92m.

Looking forward, Beng Kuang Marine aims to capitalise on growth opportunities in the offshore and marine industry, leveraging its service-centric model to enhance business sustainability and shareholder value.
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Grab Holdings Limited has announced its financial results for the fourth quarter and full year of 2024, marking its strongest quarter to date. The company reported a 17% year-over-year (YoY) revenue increase, reaching $764m, with its On-Demand Gross Merchandise Value (GMV) growing by 20% YoY to $5b. Monthly Transacting Users (MTUs) rose to 44 million, marking the seventh consecutive quarter of growth.

The company achieved a quarterly profit of $11m, with Adjusted EBITDA reaching an all-time high of $97m, a $61m improvement from the previous year. For the full year, Grab’s revenue grew by 19% YoY, exceeding its guidance, and the Group Adjusted EBITDA was positive at $313m.

Anthony Tan, Group CEO and Co-Founder of Grab, stated, “Fourth quarter was our strongest quarter ever. We finished 2024 with On-Demand GMV growth accelerating to 20% YoY, and as we continue to generate profitability at scale.”

Looking ahead, Grab has set its FY 2025 guidance with expected revenue between $3.33b and $3.40b, representing a 19% to 22% growth YoY. The company also anticipates Adjusted EBITDA to grow between 41% YoY and 50%, YoY reaching $440m to $470m.

Peter Oey, Chief Financial Officer of Grab, highlighted the company’s achievements, noting, “We outperformed our Revenue guidance for 2024, whilst demonstrating our ability to scale the platform profitably.”

Grab’s continued growth and profitability underscore its strategic position in the market, with plans to deepen user engagement and expand its ecosystem in 2025.
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CSE Global Limited, a global systems integrator, announced it secured S$235.3m in new orders during the fourth quarter of 2024. This includes a significant S$90.7m Electrification contract. Compared to the previous year, the company saw an 18.6% increase in order intake, excluding major contracts from both years.

The Electrification segment led the order intake with S$139.8m, accounting for 59.4% of the total. However, this was a 31.1% decrease from the previous year due to the absence of several major projects. The Communications segment contributed 23.7% with S$55.7m, whilst the Automation segment secured S$39.8m, showing a 41.4% year-on-year growth when excluding a major US contract from 2023.

Group Managing Director and CEO of CSE Global, Lim Boon Kheng, expressed optimism for the future, stating, “We expect order intake momentum in 2025 to remain robust as we expand our engineering capabilities and technology solutions.”

The company concluded the financial year with an order book of S$672.6m. These developments are not expected to materially impact the Group’s net tangible assets or earnings per share for the year ended 31 December 2024.
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Seatrium Offshore Technology, a leading offshore jack-up designer, has been awarded a significant contract by International Maritime Industries (IMI), the largest shipyard in the Middle East and North Africa (MENA) region.

This contract involves the supply of equipment and a licence for a LeTourneau Super 116E Class Self-Elevating Drilling Unit, marking the first new-build construction at IMI since its inception and the beginning of a long-term collaboration to build offshore jack-ups in the Kingdom.

The LeTourneau Super 116E Class design, chosen for its suitability to the MENA region’s operational needs, will feature 343 feet of leg and a 1.5 million-pound hook load, incorporating advanced cyber systems. This order is the 44th for the LeTourneau Super 116 series, highlighting its popularity and reliability.

Seatrium, renowned for designing the world’s first independent leg jack-up drilling rig in 1955, has been instrumental in the construction of over half of all jack-up rigs currently in service.

Notably, 65% of jack-ups operating in the Middle East are Seatrium designs. This latest contract aligns with the Kingdom’s Vision 2030, focusing on advanced technology, sustainability, and independence in offshore drilling.

The partnership between Seatrium and IMI is expected to significantly contribute to the region’s offshore drilling capabilities, supporting local content requirements and technological advancement. As Seatrium continues to lead in offshore rig design, this collaboration underscores its commitment to innovation and sustainable solutions in the global energy sector.
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A significant business mission, organised by the Singapore Business Federation (SBF) and supported by UOB, Rajah & Tann, and RSM Singapore, has brought over 180 Singapore companies to Johor Bahru, Malaysia. The mission, taking place from 19 to 20 February, aims to explore new opportunities and strengthen cross-border collaboration within the Johor-Singapore Special Economic Zone (JS-SEZ).

The delegation includes representatives from the China-Singapore Suzhou Industrial Park Development Group, the European Chamber of Commerce Singapore, and New Zealand Trade & Enterprise, highlighting the global interest in leveraging shifting trade routes and supply chains. The event follows dialogue and partnerships established during the ASEAN Conference 2024 and related forums.

At the conference held at Sunway Hotel Big Box in Iskandar Puteri Johor, more than 350 participants gained insights into investment opportunities in the JS-SEZ. Lim Ming Yan, Chairman of SBF, emphasised the importance of cross-border collaboration for sustained growth, stating, “Ongoing dialogue, coupled with structural measures to enhance seamless connectivity, is crucial to unlocking the full potential of the JS-SEZ.”

A key highlight was the launch of a Green Lane by UOB and Invest Johor to fast-track investments into the zone. Michael Lam, Executive Director of Gold Peak Technology Group, presented a Letter of Intent to Invest Johor, witnessed by key officials.

The mission underscores the strategic importance of the JS-SEZ in fostering economic integration and innovation. As the global business landscape evolves, the zone offers a timely opportunity for companies to innovate and forge new partnerships, driving growth in the region.
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