Hi yes, this seems natural due to the high humidity in SG. word of advise is to put those moisture abosorbers in the place where you put your watchbox is one of the ways but as menteiodn the key thign to keep teh place cool and dry...
"He could not just wear a watch. It had to be a Rolex." �Ian Fleming, Casino Royale (1953)
I do get a slight molding on some of the boxes but I just take them out, wipe them down and sun them for a day before returning them back to the cupboard. No biggie!
I don't have any problem with the Panerai boxes but I did had this problem with others. Got a dry cabinet for my cameras and lenses so the Panerai boxes go in there.
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