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Business Times
7 hours ago
- Business
- Business Times
Japan's trade win, bond yields and Singapore's big bet on the STI
Japan's new trade pact with the US has sent the Nikkei soaring. But is the euphoria justified? In this episode of Market Focus Weekly, a podcast from The Business Times hosted by Emily Liu, Endowus CIO Hugh Chung joins the show to unpack the headlines moving Asian markets this week from bond market jitters and central bank silence to a billion-dollar boost for Singapore's Straits Times Index (STI). And if you're wondering whether the de-dollarisation narrative holds water, or where retail investors are looking beyond the US, we've got you covered. Why listen? Because Japan just bagged a trade win but is the rally overcooked? Markets love momentum, but some parts of the Nikkei are already looking pricey. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Because bond yields are climbing quietly but steadily Japan's 30-year yield just breached 3 per cent. That's not nothing. Because Singapore's MAS is putting real money on the table A S$1.1 billion injection to lift market participation? It's a move worth watching. Because everyone's talking about de-dollarisation but should you care? The noise is loud, but the fundamentals may tell a different story. Market Focus Weekly is a markets podcast from The Business Times, hosted by Emily Liu. Catch past episodes on Spotify, Apple Podcasts or at Do you have a market mystery you want decoded? Drop us a note at btpodcasts@ --- Written and hosted by: Emily Liu (emilyliu@ With Hugh Chung, chief investment officer, Endowus Edited by: Chai Pei Chieh & Claressa Monteiro Produced by: Emily & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media --- Follow Market Focus Weekly podcasts every Friday: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Money Hacks at: BT Correspondents: BT Podcasts: BT Branded Podcasts: BT Lens On:
Straits Times
14 hours ago
- Business
- Straits Times
Microsoft Singapore managing director Lee Hui Li dies while on sabbatical
Find out what's new on ST website and app. SINGAPORE - Lee Hui Li, managing director of Microsoft Singapore, has died, shortly after going on sabbatical from her role in May. Her age could not be independently verified. An obituary seen by The Business Times stated that Ms Lee passed away on July 24. The wake will be held at the Church of St Ignatius on King's Road from July 25, with the funeral scheduled for July 28, the obituary read. 'Hui Li was a visionary leader whose impact on Microsoft and the broader technology landscape in Singapore was profound. Throughout her career, Hui Li was known not only for her strategic brilliance, but for her warmth, authenticity, and unwavering belief in the potential of others and of Singapore,' a Microsoft spokesperson told The Business Times. 'She mentored countless leaders, built inclusive teams, and inspired all of us to lead with purpose. We extend our heartfelt condolences to Hui Li's family, friends, and colleagues,' the spokesperson said. Ms Lee was appointed managing director of Microsoft Singapore in March 2022, according to her LinkedIn profile. She had announced a sabbatical in May, without disclosing a reason. She had shared on her LinkedIn page two months ago that she would be starting a new position. Top stories Swipe. Select. Stay informed. Singapore HDB resale price growth moderates in Q2, more flats sold Singapore Etomidate found in blood samples of 2 people involved in fatal Punggol Road accident in May: HSA Asia Live: Thailand-Cambodia border clashes continue for second day Business GIC posts 3.8% annualised return over 20 years despite economic uncertainties Business GIC's focus on long-term value aims to avoid permanent loss amid intensifying economic changes Opinion No idle punt: Why Singapore called out cyber saboteur UNC3886 by name Singapore Prison officer accused of taking bribes to smuggle nude photos, prescription drugs to inmate Sport 'We can match Malaysia or do even better', say Singapore's divers Before taking on the top Singapore role, Ms Lee was general manager of Asia-Pacific enterprise commercial at Microsoft from July 2021 to March 2022, where she led regional sales and industry teams. Her career spanned 27 years and included senior roles at IBM, Symantec, Dell, HP and EY, according to her profile. Ms Lee was based in Singapore and held a degree in economics from the National University of Singapore. In a December 2024 interview with BT, Ms Lee outlined Microsoft's plans to accelerate artificial intelligence adoption in Singapore through customised, industry-specific solutions for large organisations. In a separate interview in April that year, she reflected on her experiences as a female, Asian leader in the male-dominated tech sector. She spoke of her commitment to building a workplace rooted in diversity and inclusivity, and to fostering an environment where differing perspectives are encouraged to challenge groupthink. THE BUSINESS TIMES
AsiaOne
16 hours ago
- Business
- AsiaOne
Long-time tech executive and Microsoft Singapore managing director Lee Hui Li dies, Money News
Lee Hui Li, managing director of Microsoft Singapore, has died, shortly after going on sabbatical from her role in May. Her age could not be independently verified. An obituary seen by The Business Times stated that Lee passed away on Thursday (July 24). The wake will be held at the Church of St Ignatius on King's Road from Friday, with the funeral scheduled for Monday, the obituary read. "Hui Li was a visionary leader whose impact on Microsoft and the broader technology landscape in Singapore was profound. Throughout her career, Hui Li was known not only for her strategic brilliance, but for her warmth, authenticity, and unwavering belief in the potential of others and of Singapore," a Microsoft spokesperson told BT. "She mentored countless leaders, built inclusive teams, and inspired all of us to lead with purpose. We extend our heartfelt condolences to Hui Li's family, friends, and colleagues," the spokesperson said. Lee was appointed managing director of Microsoft Singapore in March 2022, according to her LinkedIn profile. She had announced a sabbatical in May, without disclosing a reason. Before taking on the top Singapore role, Lee was general manager of Asia-Pacific enterprise commercial at Microsoft from July 2021 to March 2022, where she led regional sales and industry teams. Her career spanned 27 years and included senior roles at IBM, Symantec, Dell, HP and EY, according to her profile. Lee was based in Singapore and held a degree in economics from the National University of Singapore. In a December 2024 interview with BT, Lee outlined Microsoft's plans to accelerate artificial intelligence adoption in Singapore through customised, industry-specific solutions for large organisations. In a separate interview in April that year, she reflected on her experiences as a female, Asian leader in the male-dominated tech sector. She spoke of her commitment to building a workplace rooted in diversity and inclusivity, and to fostering an environment where differing perspectives are encouraged to challenge groupthink. [[nid:720463]] This article was first published in The Business Times . Permission required for reproduction.
Business Times
2 days ago
- Business
- Business Times
S$15.8 million deal at Leedon Residence tops Q2 resale gains with seller earning S$3.3 million profit
[SINGAPORE] A 8,051-square foot (sq ft) unit at Leedon Residence was sold for S$15.8 million in June, earning the seller a tidy S$3.3 million in profit after eight years – making it the most profitable transaction by quantum in the second quarter of 2025. The first-floor unit at the freehold luxury condominium in the prime District 10 was bought for S$12.5 million, or S$1,553 per square foot (psf), back in February 2017, according to data crunched for The Business Times by real estate consultancy Cushman & Wakefield. On a psf basis, the unit went at SS$1,962 psf in June 2025. With a holding period of 8.4 years, the annualised profit works out to 2.8 per cent, with the seller's gross gain amounting to about 26 per cent. Notably, resales at Leedon Residence have recently proved to be highly profitable, coming out on top in the last two quarters. In Q1, two of the five most profitable transactions were from the development, with a 6,125 sq ft unit topping the list with the sale price of S$16 million, with a gross gain of S$4 million. Prior to that, in Q4 2024, another two Leedon Residence units were among the five biggest winners, with profits ranging from S$2.6 million to S$3 million. Cushman's Q2 data also showed that the five biggest money-making transactions by quantum in the recent quarter were either freehold properties or those with a 999-year leasehold title, located in the prime Core Central Region (CCR) or Rest of Central Region (RCR). Such units tend to command a premium, noted Cushman & Wakefield research head Wong Xian Yang. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In terms of percentage gains, executive condominium (EC) transactions proved yet again to be the most profitable in Q2, continuing a trend that emerged in Q1 2023. Of the top five winners, four were units at the Hundred Palms Residences EC along Yio Chu Kang Road. These apartments were held for an average of just under eight years before being sold for an 'attractively high profit' of 130 to 139 per cent, said Wong. He pointed out that 74 units have been sold since the development reached its five-year minimum occupation period in December 2024, with the majority seeing capital gains of more than 100 per cent. The most profitable EC transaction in Q2 was for a 2,121 sq ft unit at the 99-year leasehold The Tampines Trilliant. It was sold for S$2.9 million (S$1,362 psf) in June, up 143 per cent from the seller's original price of S$1.2 million (S$561 psf) in January 2012. Given a holding period of 13.4 years, this works out to an annualised profit of 6.8 per cent and the seller netting S$1.7 million in profit. Excluding ECs, the top five resale gainers by percentage were found in the city fringe and suburbs, with gross gains ranging from 92 to 119 per cent. Topping the list was a 1,098 sq ft unit at 284 Joo Chiat Road in District 15. The freehold unit was sold for S$1.9 million (S$1,717 psf) in May, more than double its original price of S$860,000 (S$783 psf) in February 2017. This works out to an annualised profit of 10 per cent over a holding period of 8.2 years. Biggest losses Cushman & Wakefield's data also tracks the biggest loss-making transactions on a quarterly basis. The deal that spilled the most red ink in Q2, in terms of both quantum and percentage, was a 2,056 sq ft unit at the 99-year leasehold Marina Bay Suites in District 1. It changed hands for S$4.1 million (S$1,985 psf) in June, about a third lower than its original price of S$6.1 million (S$2,985 psf) in December 2012. Based on a holding period of 12.4 years, this translates to annualised losses of 3.2 per cent. All the biggest losers in the quarter were located in the prime CCR and purchased during varying periods of the market cycle, Wong added. For its study, Cushman & Wakefield examined caveats for non-landed private homes that were transacted in Q2 2025 with a prior purchase history between January 2012 and June 2025. The analysis excluded transaction costs and taxes, such as buyer's stamp duty and seller's stamp duty. Overall, prime CCR properties accounted for 62 per cent of loss-making deals in Q2 of this year, caveat data of landed and non-landed private homes showed. The RCR accounted for 30 per cent of such deals; and the Outside Central Region, 9 per cent. While the CCR saw a larger share of loss-making deals, Wong noted that the majority of resale transactions in the region – at 79 per cent – were still profitable. On the other hand, the proportion of loss-making deals for landed and non-landed homes inched up to 3.3 per cent in Q2, from 2.7 per cent in the previous quarter. Still, the figure remains relatively low, hovering at this level over the past two years, after declining from its peak of 21.8 per cent in Q2 2020. Wong attributed the low levels of loss-making deals to homeowners' strong holding power as well as resilient upgrading demand for private homes amid still-low unemployment rates and strong household balance sheets. Government flash estimates indicated that growth in public housing resale prices had slowed to 0.9 per cent quarter on quarter in Q2, after prices rose 1.6 per cent in Q1, following their 9.6 per cent gain for the year of 2024. Given the growing resale prices, this may enable more Housing and Development Board flat owners to channel the proceeds of a sale to upgrade to a private home. Wong reckons that private residential prices are likely to rise around 2 to 3 per cent for the whole of 2025, easing slightly from the 3.9 per cent price growth in 2024. 'Barring new cooling measures and unforeseen economic shocks, the overall levels of loss-making deals are expected to remain low,' he added.
Business Times
3 days ago
- Business
- Business Times
South-east Asia's IPO market shows signs of revival after subdued H1
[SINGAPORE] Initial public offering (IPO) activity across South-east Asia remained subdued in the first half of 2025 amid ongoing geopolitical and macroeconomic uncertainty, but market observers say signs of recovery are emerging for H2. The number of IPOs on major South-east Asian exchanges – in Indonesia, Malaysia, Singapore, Thailand, the Philippines and Vietnam – declined compared to the same period last year. Based on a recent Deloitte report, 53 listings were recorded in H1 2025, down from 64 in H1 2024. Ben Charoenwong, associate professor of finance at Insead, told The Business Times that the slowdown was driven not only by a reduced appetite to list but also by a widening valuation gap, fuelled by tariff uncertainty and global trade tensions. He described South-east Asia's IPO activity in H1 2025 as 'a classic supply-demand mismatch story' – where companies that proceeded with listings often accepted significantly smaller capital raises and longer timelines than initially planned. Prof Charoenwong said: 'Companies needed capital, but investors simply weren't willing to pay the prices that issuers expected. Yet, the private market has also dried up.' A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Still, signs of recovery are becoming evident. Stephen Bates, partner and head of deal advisory at KPMG in Singapore, noted that while large IPOs remain rare, smaller sector-focused listings – particularly in technology, fintech and renewable energy – are gaining momentum. He added that this rebound is supported by easing macroeconomic conditions and sector-specific growth drivers, such as the rapid expansion of tech and artificial intelligence (AI)-driven businesses, increased demand for renewables and infrastructure, and growing activity in consumer and healthcare sectors. Tay Hwee Ling, transactions accounting support leader at Deloitte South-east Asia, said renewed investor confidence is also reflected in the uptick of IPO activity in the consumer and real estate sectors, alongside a gradual reopening of capital markets for larger issuers. She pointed to a notable increase in sizeable mainboard IPO prospectuses lodged on South-east Asian bourses in June 2025 as an encouraging indicator. 'This signals positive market sentiments, and positions the region for a more vibrant second-half performance.' Bates also observed that the region's regulatory reforms and government initiatives – including improved market transparency, streamlined listing processes, International Financial Reporting Standards adoption and tax incentives – have bolstered sentiment and helped attract new listings. 'Companies increasingly favour local exchanges over international ones due to regulatory support and growing domestic investor interest,' he said. He added that strong foreign direct investment inflows into South-east Asia's digital and green sectors, amid supportive policies for IPOs in these areas, have further benefited the region. 'Cautious optimism' This year, global markets have become notably more upbeat. 'Investor sentiment has shifted from caution in 2024 to cautious optimism in the first half of 2025,' said Bates. Jimmy Seet, capital markets partner at PwC Singapore, observed that while macroeconomic fundamentals such as inflation and growth are showing signs of improvement, heightened geopolitical tensions continue to temper market enthusiasm. 'In this environment, investors are increasingly selective, gravitating towards high-quality issuers with proven profitability and operating in resilient sectors,' he added. Prof Charoenwong highlighted that investor caution intensified, following US President Donald Trump's 'Liberation Day' tariffs on Apr 2. He said: 'When US tariffs hit 145 per cent in April and regional indices dropped 10 per cent, we saw a complete freezing of IPO windows. And despite the US market recovering from that shock, the increased uncertainty also means that CFOs (chief financial officers) are holding off more, part of the option value of waiting to proceed with projects in the future.' In contrast, Bates said that geopolitical tensions have actually boosted IPO activity, as investors increase exposure to the region amid global uncertainties. Malaysia leads Amid global market jitters, Malaysia's stock exchange outshone its regional peers with a surge in IPO activity. According to the Deloitte report, the number of listings in Malaysia increased about 48 per cent year on year to 32, with proceeds raised increasing by some 109 per cent to US$940 million. This was accompanied by an uptick in total IPO market capitalisation by about 165 per cent to US$4.04 billion, accounting for over two-thirds of total proceeds raised across the South-east Asian region. Market watchers attributed this strong performance to regulatory reforms, including a faster IPO approval process. Prof Charoenwong noted that Bursa Malaysia's new framework, which cuts approval timelines from six months to three months, enables companies to respond more swiftly to market conditions. The Leap Market Transfer Framework has further added agility, allowing firms to pivot across market segments without being stalled by lengthy procedures. Seet also pointed to stabilising macroeconomic indicators, such as improved gross domestic product growth and moderating inflation, as additional drivers of market liquidity. These conditions made it easier for Malaysia to respond effectively to shifting global market conditions. 'When markets became volatile in March, Malaysian issuers could delay or accelerate based on conditions, while companies stuck in other jurisdictions' slower systems missed their windows entirely,' said Prof Charoenwong. He added that other government incentives further supported this agility. For the opposite reason, another standout IPO market for Prof Charoenwong was Thailand. 'Instead of high-conviction government policies aimed at supporting a vibrant stock market, Thailand was hit with both an earthquake and the tariffs, amid an already slowing economy and further political turmoil,' he said. On the Singapore Exchange (SGX), the IPO market has shown signs of renewed momentum. Seet attributed this to recent reforms in the listing framework and supportive initiatives by the Monetary Authority of Singapore, which have sparked increased interest in listing on the bourse. 'Although only one IPO was completed in H1 2025, the outlook for H2 is promising, with several offerings already announced,' he said. The IPO of NTT DC Reit, for example, marks a notable milestone, given it is the first real estate investment trust listing on the SGX in nearly four years. Looking ahead IPOs are expected to perform better across South-east Asia in H2, supported by strong growth and key reforms, though risks persist. 'Ongoing regulatory reforms across the region are expected to sustain interest in new listings,' said Seet, adding that escalating trade tensions could pose headwinds to broader IPO activity. Similarly, Bates noted that potential issuers will need to manage challenges arising from the uncertain geopolitical environment. 'New tariffs, the ongoing US-China trade decoupling and supply chain disruptions create IPO delays and valuation challenges.' He explained that regional currency swings and shocks like the April 2025 sell-off make it harder to time listings and attract foreign investors. Varying regulations across Asean, global tax reforms and stricter listing standards also increase compliance burdens and preparation time. Additionally, Bates sees the financial and operational demands of preparing for an IPO – including legal, accounting and management time – posing significant challenges, particularly for smaller firms in less developed markets. Against this backdrop, Prof Charoenwong said companies that can tap into the AI-driven momentum in the US and Chinese markets stand to benefit, especially if positioned as diversification plays away from dominant incumbents. In a related trend, Seet noted that the continued underperformance of and waning investor interest in China's A-shares market may prompt more Chinese companies to pursue offshore listings. He believes SGX is well-positioned to capture this interest, given its reputation as an international capital-raising hub and a strategic gateway for Chinese firms seeking access to South-east Asian investors.
