Industry News

Popular Singaporean podcast Yah Lah But is taking a novel approach to the upcoming General Election 2025 (GE2025) by launching the APolitical Party Bus, a mobile podcast studio.

From 24 April, hosts Haresh Tilani and Terence Chia will release daily episodes recorded across all 33 Group Representation Constituencies (GRCs) and Single Member Constituencies (SMCs) in Singapore. This initiative aims to bring transparency, humour, and authentic local voices to the national conversation.

The APolitical Party Bus will serve as a platform for unfiltered discussions, capturing the on-ground sentiment and offering listeners a real-time pulse of the election atmosphere. “We’re not affiliated with any political party. This is our way of giving Singaporeans the mic whilst bringing a touch of good ol’ humour to election coverage,” said co-host Terence Chia.

Supported by fintech platform Lendela, the campaign seeks to promote transparency and balanced discourse. Bryan Tay, Singapore country manager at Lendela, emphasised the importance of transparent discourse, stating, “It’s more important than ever for Singaporeans to engage in transparent discourse and expect clear answers.”

The Yah Lah But APolitical Party Bus will cover 33 constituencies, with episodes available on Spotify, YouTube, and other major podcast platforms. As the bus traverses Singapore, it will provide a platform for all perspectives to be heard, helping Singaporeans make informed decisions in an uncertain world.
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Singapore’s office rental market has shown signs of recovery in Q1 2025, with the URA office rental index for the Central Region rising by 0.3% quarter-on-quarter. This follows consecutive declines in the latter half of 2024.

According to CBRE Research, the Core CBD (Grade A) submarket experienced a 0.8% increase in rents, reaching $12.05 per square foot per month. This growth is attributed to a strong demand for premium office spaces, particularly from sectors like private wealth and asset management.

The absorption of more space in IOI Central Boulevard Towers, which now boasts an occupancy rate exceeding 80%, has contributed to this positive trend. However, the islandwide vacancy rate increased to 11.7% in Q1 2025, up from 10.6% in Q4 2024, due to new completions such as Keppel South Central and Paya Lebar Green.

Retail spaces in the Central Region saw a 0.5% decline in rents, reversing the previous quarter’s gains. The retail market remains two-tiered, with prime spaces in demand whilst secondary locations face softer leasing interest. Despite this, prime floor rents increased by 0.6% quarter-on-quarter.

In the residential sector, private housing prices rose by 0.8% in Q1 2025, driven by non-landed properties. The RCR segment led the growth with a 1.7% increase. Primary sales remained robust, with 3,375 new private homes sold, although secondary sales slowed.

Looking ahead, CBRE Research anticipates continued rental growth in the Core CBD (Grade A) office market, supported by limited new supply and interest rate cuts. The retail sector may face challenges from e-commerce and rising costs, but tourism recovery could bolster demand for prime retail spaces.
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Dom Pérignon has launched its latest creation, the White Luminous Vintage 2015, designed to transform nightlife experiences in Singapore. This new release, featuring an illuminated ‘Vintage 2015’ label, is set to captivate a new generation of discerning tastemakers by blending the brand’s storied heritage with modern celebration.

The White Luminous Vintage 2015 is available exclusively at HighHouse, SUSHISAMBA, and Wonder Room, reinforcing Dom Pérignon’s position at the forefront of high-energy moments in Singapore’s iconic venues. The release is not just a new product but a curated Vibe Dining experience that combines fine dining and music into a singular, sensorial moment.

To celebrate the launch, Dom Pérignon will host a Black & White themed event on 14 May at HighHouse. This exclusive, one-night-only celebration will offer guests a first glimpse of the White Luminous Vintage 2015 in its full splendour. With limited availability, the event promises to be an unforgettable evening for those who attend.

The White Luminous Vintage 2015 aims to be a beacon of celebration and a statement of theatrical flair, marking a significant moment in Dom Pérignon’s legacy. As the brand continues to innovate, this release highlights its commitment to creating memorable experiences that resonate culturally and sensorially.
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Jewel Changi Airport has launched Southeast Asia’s first Mario Kart-themed installations, alongside the return of the exclusive Nintendo pop-up store. Running until 24 July, the pop-up store offers over 500 items, including 150 new and exclusive merchandise from beloved Nintendo games such as Super Mario, Animal Crossing, and The Legend of Zelda. This pop-up is the only one of its kind outside Japan, providing fans with a rare shopping opportunity.

The Mario Kart Jewel Circuit Challenge transforms Jewel into a real-life Rainbow Road, inspired by the Mario Kart 8 game series. Visitors can explore dynamic installations featuring Mario, Luigi, and other characters amidst the lush Forest Valley and the Jewel Rain Vortex. A centrepiece installation, measuring 5 by 4 metres, recreates the thrill of Rainbow Road with vibrant lights and the iconic Mario Kart soundtrack.

Visitors can participate in a stamp rally to collect an exclusive Mario Kart sticker pack, featuring four characters and five power-ups. Additionally, the Gachapon machines offer a chance to win prizes, including merchant vouchers and attraction tickets, with a minimum spend of $59 (S$80) at participating stores.

Faith Tan, Head of Leasing at Jewel Changi Airport Development, expressed excitement about the collaboration with Nintendo, stating, “The first Nintendo pop-up at Jewel in 2023 was a success, and we are thrilled to bring this exciting experience back to our visitors.” The installations and pop-up store are expected to draw families and travellers, especially during the June school holidays.
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A growing trend sees Indian startups, initially based abroad, utilising Singapore’s Scheme of Arrangement to re-domicile back to India.

This legal mechanism is proving instrumental for companies like Zepto and Pine Labs, facilitating their “reverse flip” to India, according to a Dentons report.

The move is largely driven by the allure of India’s burgeoning capital markets and favourable regulatory environment, which offer promising growth prospects and potential for initial public offerings (IPOs).

Singapore’s Scheme of Arrangement provides a structured yet flexible framework for these cross-border reorganisations, ensuring judicial oversight throughout the process. This mechanism is particularly appealing to companies seeking to streamline their operations and align more closely with India’s economic landscape.

The strategic re-domiciling of these startups underscores a significant shift in the business landscape, as companies increasingly recognise the advantages of being based in India. The move not only positions them to tap into local investment opportunities but also aligns with India’s growing reputation as a hub for innovation and entrepreneurship.

As more companies consider similar moves, the utilisation of Singapore’s legal frameworks could see further adoption, potentially influencing the dynamics of cross-border business operations in the region. This trend highlights the evolving strategies of startups aiming to maximise their growth potential by leveraging both international and local market advantages.
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Singapore Airlines (SIA) and OpenAI have announced a pioneering partnership to integrate advanced Generative Artificial Intelligence (GenAI) solutions into the airline’s operations. This collaboration marks the first of its kind between OpenAI and a major airline, aiming to enhance customer experience and streamline operational processes.

The partnership will initially focus on upgrading SIA’s AI-powered virtual assistant on its website. By building on existing features like the flight recommender, the enhanced assistant will offer a more seamless and intuitive experience for customers planning, booking, and managing their journeys. The virtual assistant will provide smarter, personalised support, helping customers discover destinations and make informed decisions with timely information.

SIA staff will also benefit from an AI-powered assistant designed to automate routine tasks and provide operational guidance. This tool, leveraging OpenAI’s multimodal AI capabilities, will enable staff to access and process information quickly, improving decision-making and problem-solving.

Additionally, SIA plans to integrate OpenAI’s advanced AI models into its existing tools to optimise complex tasks such as flight crew scheduling. This integration will assist in decision-making by considering regulatory requirements and operational limitations, ultimately streamlining operations and enhancing the travel experience for customers.

George Wang, Senior Vice President Information Technology at Singapore Airlines, stated, “This collaboration with OpenAI exemplifies Singapore Airlines’ commitment to digital innovation and leadership in the airline industry.” Oliver Jay, Managing Director, International at OpenAI, added, “We are excited to work with SIA and explore how advanced AI can enhance the travel experience.”

The collaboration underscores SIA’s dedication to maintaining its industry-leading position through digital innovation.
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Private home prices in Singapore continued their upward trajectory in the first quarter of 2025, albeit at a slower pace, according to the latest statistics from the Urban Redevelopment Authority (URA). The property price index (PPI) recorded a 0.8% increase, down from the 2.3% growth observed in the previous quarter.

Christine Sun, Chief Researcher and Strategist at OrangeTee, noted that Singapore’s reliance on trade could impact its GDP growth, influencing homebuyer sentiment. Despite these challenges, domestic buyers, particularly HDB upgraders, continue to drive the market. The government’s efforts to increase housing supply through land sales and upcoming completions are expected to moderate home price increases in the coming years.

Sales volumes, however, experienced a decline. Private home sales, excluding executive condominiums, fell by 2.3% from 7,433 units in Q4 2024 to 7,261 units in Q1 2025. The resale market also saw a decrease, with volumes dropping by 3.7% to 3,565 units. New home transactions slipped slightly by 1.3% to 3,375 units, marking the second-highest quarterly new sales performance in the past three years.

The rental market showed marginal growth, with private rents rising by 0.4% in Q1 2025. This marks the fourth consecutive quarter of stable rent prices, fluctuating within a narrow range of -1% to 1%. However, the private rental market faces challenges due to macroeconomic uncertainties, including potential global trade wars and tariff headwinds.

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The Urban Redevelopment Authority’s (URA) latest statistics for Q1 2025 indicate a moderate increase in Singapore’s residential property prices, with the All Residential Price Index rising by 0.8% quarter-on-quarter (q-o-q) and 3.3% year-on-year (y-o-y). Leonard Tay, Head of Research at Knight Frank Singapore, attributes this growth to sustained homebuyer activity from late 2024, despite a more subdued increase compared to the previous quarter.

The Rest of Central Region (RCR) experienced the highest price growth, with a 1.7% q-o-q and 7.3% y-o-y increase, largely driven by the launch of The Orie in Toa Payoh. Meanwhile, the Core Central Region (CCR) saw a 0.8% q-o-q and 1.9% y-o-y rise, despite the 60% Additional Buyer’s Stamp Duty affecting foreign buyers. The Outside Central Region (OCR) showed a slight 0.3% q-o-q increase, with strong demand for new launches like Lentor Central Residences and Parktown Residence.

In the office sector, rental growth was modest at 0.3% q-o-q, with occupancy levels decreasing to 88.3% due to new completions like Keppel South Central. The retail sector remains challenging, with rents falling by 0.5% q-o-q amidst high operational costs and an oversaturated food and beverage market.

Despite global economic uncertainties, Tay notes that domestic demand remains robust, supported by strong household balance sheets and low unemployment. However, the ongoing US-led tariff war could impact transaction volumes, as buyers and sellers adopt a cautious approach. Knight Frank anticipates moderate price growth of 3% to 5% for 2025, similar to 2024.
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HSBC Singapore has launched its second Integrated Wealth Centre at The Star Vista, aiming to cater to the affluent clientele in western Singapore. This new centre is part of HSBC’s strategy to establish three dedicated wealth centres by 2025, enhancing its presence and service offerings in the region. The centre is designed to provide a premium banking experience with private meeting spaces, enclosed teller rooms, and a Premier lounge for confidential discussions.

The wealth centre’s location in a bustling retail mall ensures high visibility and accessibility, aligning with HSBC’s goal to be the leading wealth manager for Singapore’s affluent population. The centre also features a heritage display wall and artworks from social enterprises, reflecting HSBC’s commitment to community engagement.

In a unique initiative, the centre houses a lifestyle café operated by Foreword Coffee, a social enterprise supporting differently-abled youths through training and employment. This initiative underscores HSBC’s dedication to inclusive growth and community partnership. Premier customers can enjoy complimentary refreshments, including a signature HSBC tea blend, whilst all visitors can purchase exclusive drinks, supporting Foreword Coffee’s mission.

Ashmita Acharya, Head of International Wealth and Premier Banking, Singapore, stated, “These investments are part of HSBC’s broader ambition to be the leading wealth manager in Asia, supporting Singapore’s position as a key international wealth hub by improving the accessibility and quality of wealth advisory services for its growing affluent population.”

The new wealth centre not only enhances HSBC’s service offerings but also reinforces its commitment to community and sustainability, with features like wheelchair accessibility and Green Mark Gold Plus certification.
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Condo resale prices in Singapore experienced a decline in March 2025, yet sales volumes increased significantly by 19.7% compared to the previous month. The report highlights a 0.5% month-on-month decrease in overall prices, although year-on-year figures show a 5.1% increase from March 2024.

99.co and SRX attributed the rise in sales volumes to more affordable financing options due to a dip in SORA rates, making resale condos a more attractive option for buyers. Chief Data & Analytics Officer at 99.co, Luqman Hakim, noted that whilst borrowing costs have eased, they remain higher than pre-pandemic levels, leading to cautious and price-sensitive buyers.

In March, the Core Central Region (CCR) saw a 1.9% decrease in resale prices, whilst the Rest of Central Region (RCR) and Outside Central Region (OCR) experienced slight increases of 0.2% and 0.3%, respectively. The highest transacted price for a resale unit was S$16,030,000 at St Thomas Suite.

The report also revealed that the overall median capital gain for resale condos was S$358,000, a decrease of S$12,000 from February. District 20 posted the highest median capital gain at S$742,000, whilst District 1 recorded the lowest at S$37,000. The overall median unlevered return stood at 31.1%, with District 22 achieving the highest return at 44.4%.

As the market adjusts, sellers are beginning to lower their expectations, contributing to the downward trend in closing prices. The ongoing economic uncertainty and potential global trade tensions continue to influence buyer behaviour, with many adopting a wait-and-see approach.
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