Industry News

Singapore’s Prime Minister, Lawrence Wong, has announced a S$150m allocation for a new Enterprise Compute Initiative as part of the Budget 2025, aiming to enhance the use of artificial intelligence (AI) among local businesses.

This move underscores the nation’s commitment to innovation and sustainability, according to Chua Hock Leng, Area Vice President for ASEAN and Greater China at Pure Storage.

The initiative is expected to significantly boost AI development across Singapore, aligning with the country’s broader goals of reducing carbon emissions and exploring sustainable energy options, including nuclear energy. Chua emphasised the importance of integrating IT modernisation with sustainability efforts, stating, “Singapore’s commitment to further reduce carbon emissions and the potential exploration of nuclear energy options demonstrate its commitment to foster a sustainable society.”

However, Chua also called for increased scrutiny of the energy consumption of data centres, which are integral to AI operations. Addressing this concern, he noted, “We would like to see greater scrutiny into the energy consumption of data centres. This will also contribute to the country’s carbon goals.”

The announcement reflects Singapore’s strategic focus on resilience and sustainability in its economic planning, encouraging the technology sector to innovate whilst considering environmental impacts. As businesses prepare to leverage the new funding, the emphasis remains on balancing technological advancement with ecological responsibility.

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In a recent Budget speech, Prime Minister Lawrence Wong underscored Singapore’s dedication to securing a clean energy future, with a focus on exploring nuclear energy and allocating an additional $5b to the Future Energy Fund.

This move comes as the city-state faces increasing energy demands from burgeoning industries such as artificial intelligence, semiconductors, and biopharmaceuticals, making the need for a reliable and low-carbon power supply more pressing than ever.

GE Vernova, a leader in energy solutions, has offered insights into the potential role of nuclear energy and small modular reactors (SMRs) in diversifying Singapore’s clean energy mix.

Kazunari Fukui, Asia Decarbonisation Leader at GE Vernova, emphasised the importance of considering key factors such as safety and learning from global best practices in nuclear energy deployment.

The evolving energy landscape in Singapore requires a delicate balance between energy security, affordability, and decarbonisation. Ramesh Singaram, President of Gas Power Asia at GE Vernova, highlighted the need for innovations in power generation, grid modernisation, and energy storage to ensure long-term energy security and sustainability.

As Singapore seeks to future-proof its power grid to meet the growing needs of high-tech industries, regional collaboration will be crucial in securing stable and sustainable energy supplies. This strategic approach aims to position Singapore as a leader in clean energy whilst addressing the challenges posed by rising energy demands.

The exploration of nuclear energy and the substantial investment in the Future Energy Fund signal a significant step towards achieving Singapore’s energy goals, with potential implications for the region’s energy transition landscape.

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The 2025 WealthLens™ Study by Agility Research and Strategy has unveiled intriguing insights into the financial behaviours and aspirations of over 600 High-Net-Worth Individuals (HNWIs) in Hong Kong and Singapore.

The study highlights that 40% of Hong Kong’s affluent are contemplating relocation, with Singapore as their preferred destination, primarily for a better quality of life. Meanwhile, 50% of Singapore’s wealthy are considering moving abroad, driven by a desire for new cultural experiences and professional growth.

The study also underscores the importance of education amongst these affluent groups. Whilst 40% of HNWIs in both cities send their children to local universities, 60% plan to send them overseas. Hong Kong’s wealthy favour the US, whereas Singapore’s prefer the UK. Notably, 20% of Hong Kong HNWIs are keen on Chinese universities, reflecting China’s growing regional influence.

Succession planning is another critical focus, with many wealthy individuals in both cities establishing legal trusts for wealth transfer. A significant wealth transfer is anticipated in the next decade, with one in three HNWIs set to inherit substantial assets. Hong Kong inheritors aim to enhance their lifestyle, whilst Singaporean inheritors plan to expand business ventures.

Philanthropy is gaining traction, with Hong Kong’s affluent prioritising education for the underprivileged and climate action, whilst Singapore’s focus is on healthcare and education opportunities. These findings will be discussed in an exclusive webinar on 4 March 2025, offering strategic insights for wealth management and luxury brands.

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Singapore’s government has announced the launch of a S$1b Private Credit Growth Fund as part of Budget 2025, aimed at enhancing access to private credit for high-growth, sponsor-backed companies.

Paul Ong, Partner at Innoven Capital Southeast Asia, expressed enthusiasm for the initiative, which aligns with the firm’s mission to provide innovative financing solutions across Asia.

The fund is designed to empower local enterprises to scale effectively, drive innovation, and contribute to Singapore’s economic growth.

Innoven Capital, a leading venture and growth debt provider in Asia, has been actively supporting startups in optimising their capital structures and achieving sustainable growth.

Ong stated, “The establishment of the Private Credit Growth Fund not only complements our efforts but also underscores the critical role of alternative financing in an emerging new digital economy.”

This initiative is expected to foster a robust environment where local enterprises can thrive and expand regionally. Innoven Capital looks forward to collaborating with stakeholders to leverage this opportunity.

The fund’s introduction highlights the importance of alternative financing in supporting the growth of Singapore’s digital economy and the broader regional market.

As the government continues to focus on economic development, the Private Credit Growth Fund represents a significant step in supporting the financial needs of high-growth companies, ensuring they have the resources necessary to innovate and expand.

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PFPFA Pte Ltd, Singapore’s fastest-growing financial advisory firm, is celebrating its fourth anniversary, highlighting its rapid expansion and recent industry accolades. Since obtaining its financial advisory licence in 2021, PFPFA has quickly risen to prominence, securing the Number One spot in the Fastest Growing Companies 2025 list, a collaboration between The Straits Times and Statista. This accolade recognises the top 100 local businesses with significant revenue growth.

In addition to this achievement, PFPFA was honoured with the Promising Brands Award at the Singapore Prestige Brand Award ceremony, underscoring its commitment to building a trusted brand in the financial services sector. PFPFA distinguishes itself by offering an integrated suite of services, including wealth management, legacy planning through PFP Legacy Singapore, and healthcare solutions via Assure Family Clinic.

Chief Executive Officer Jeffrey Chow commented, “Our rapid growth and industry recognition are a testament to our team’s dedication and our clients’ trust. We remain committed to delivering innovative and comprehensive financial solutions that meet the evolving needs of our clients.”

As a gesture of appreciation, PFPFA is offering complimentary health screenings and assistance with Advance Medical Directives through Assure Family Clinic. Looking ahead, SingWealth Holdings, PFPFA’s parent company, plans to introduce PFP Legacy in Shanghai and obtain an insurance brokerage licence in Hong Kong, expanding its services across Asia.

PFPFA’s journey reflects its mission to provide exceptional financial advisory services, with a focus on growth, innovation, and client satisfaction.

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SUSHISAMBA Singapore is set to host its inaugural guest shift event on 1 March 2025, featuring four legendary bartenders who have significantly influenced the venue’s tri-cultural cocktail programme. The event will see Giancarlo Mancino, Arcadius Rybak, David Cordoba, and Simone Rossi take centre stage at the main bar and SAMBAROOM, offering an extraordinary mixology experience.

Giancarlo Mancino, known for his creation of Mancino Vermouth, and Arcadius Rybak, celebrated for his fusion of culinary techniques with cocktail artistry, will lead the SAMBAROOM session. Attendees can expect a selection of expertly crafted cocktails, including the Banana Spritz, Chicha Highball, Shiso Negroni, and Wasabi Sour, each promising a bold and artistic flavour profile.

Simultaneously, the main bar will feature David Cordoba, famously dubbed “Mr. Daiquiri” and a leading authority on rum, alongside Simone Rossi, a distinguished bartender from Grosseto, Italy. Their collaboration will highlight tropical-inspired cocktails such as the Mon Chéri, Ratafia Sour, Red Supernova, and Piscis, blending vibrant flavours with expert craftsmanship.

This event marks the beginning of a series of guest shifts planned by SUSHISAMBA Singapore, aiming to bring together top talents in the industry for unique and memorable cocktail experiences. As the bartenders unite for this special occasion, guests can look forward to an evening of innovative drinks and exceptional mixology.

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Savills Singapore is set to host the exclusive launch of AURA by Aqualand, a luxurious mixed-use residential project in North Sydney, on 22 and 23 February 2025 at the voco Orchard Hotel. Designed by the renowned architects Woods Bagot, AURA is poised to redefine the North Sydney skyline with its striking hourglass silhouette, drawing inspiration from the natural beauty of Sydney Harbour.

The 28-storey tower, located at 168 Walker Street, will feature 386 luxury flats, each exceeding standard size requirements, with two-bedroom units measuring over 100 square metres. Residents will enjoy a host of amenities, including a wellness centre with a gym, pool, spa, and a glamorous rooftop area for al fresco entertaining. The building also integrates the latest technology, offering electric vehicle charging provisions and Tesla share vehicles for hire.

AURA’s retail precinct will provide a curated shopping and dining experience, featuring venues like Sol, Una, Soluna, and Genzo. The development aims to become a vibrant hub in North Sydney, enhancing the suburb’s night-time economy.

Adrian Lim, Senior Director at Savills Singapore, highlighted AURA’s appeal in Sydney’s competitive luxury market, noting its architectural brilliance, world-class amenities, and prime location near top-tier schools. “We are excited to present this exceptional investment opportunity exclusively to our clients in Singapore,” Lim stated.

The launch event promises to showcase AURA’s unique offerings, positioning it as a landmark of luxury living in Sydney.

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Tribe Payments, a prominent digital payments and infrastructure orchestrator, has joined the Singapore FinTech Association (SFA) as part of its strategic expansion into the Asia-Pacific (APAC) region. This move follows the opening of its Singapore office in October 2024, marking a significant step in strengthening its presence in one of the world’s most dynamic fintech ecosystems.

The SFA, a non-profit organisation connecting nearly 900 entities across over 40 countries, offers Tribe Payments valuable industry connections, regulatory insights, and collaboration opportunities. Matt Weir, General Manager – Asia-Pacific at Tribe Payments, expressed enthusiasm about the membership, stating, “We’re excited to join the Singapore FinTech Association, a central force driving collaboration and innovation across the APAC fintech ecosystem.”

Membership in the SFA provides Tribe Payments with access to networking events, insights into regional regulations, and inclusion in the SFA FinTech Registry. It also offers priority consideration for international trade missions such as the ASEAN FinTech Movement, enhancing Tribe’s profile as a global PayTech leader.

Reuben Lim, CEO at the Singapore FinTech Association, welcomed Tribe Payments, highlighting Singapore’s role as a leading fintech hub. He noted, “We believe that Tribe’s innovation – with its modular issuer and acquirer processing solutions – will thrive in the region through Singapore.”

With the APAC digital payments market set for significant growth, Tribe Payments aims to leverage its cloud-based platform to deliver secure, scalable, and innovative solutions tailored to the region’s needs. The company’s success in Europe, collaborating with payment giants like Mastercard and Visa, positions it well for impactful growth in APAC.

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Singapore’s latest indoor trampoline park, Altitude Arena, is set to open its doors on 18 February 2025 at Joo Koon FairPrice Hub. Designed to cater to thrill-seekers of all ages, the park promises a unique blend of fun, fitness, and adrenaline-pumping activities. Located at 1 Joo Koon Circle, NTUC FairPrice Hub, #03-21b, Altitude Arena aims to be the ultimate indoor adventure destination.

The park features a variety of attractions, including dodgeball arenas, swing bridges, climbing walls, and free-jump zones. These activities are designed to provide an engaging experience, whether visitors are seeking an active family day out, a group activity, or a unique fitness challenge.

Founder Tien Ho expressed enthusiasm about the launch, stating, “We’re beyond excited to introduce Altitude Arena as Singapore’s newest trampoline park. Our goal is to create a space where people of all ages can experience the joy of movement, challenge themselves, and most importantly—have fun!”

Altitude Arena’s opening marks a significant addition to Singapore’s recreational landscape, offering a dynamic space for people to connect, play, and stay active. As the newest trampoline park in the region, it aims to redefine the trampoline experience with its diverse range of activities.

With its grand opening, Altitude Arena is poised to become a popular destination for those looking to combine entertainment with physical activity, providing a fresh and exciting option for leisure in Singapore.

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Singapore’s real estate market displayed a mixed performance in the fourth quarter (Q4) of 2024, according to the latest report by Edmund Tie & Company (ETC). Total investment sales reached S$6.5 billion, marking a 20.3% decline from the previous quarter, yet reflecting a robust 28.7% year-on-year (YoY) increase to S$25.2 billion for the entire year.

The office sector saw an increase in overall occupancy to 95.0%, driven by demand in the Central Business District (CBD), with net absorption reaching 39,000 square metres. However, shadow space rose by 16.2% quarter-on-quarter, indicating potential downsizing or relocation by tenants. Looking forward, new developments like Paya Lebar Green are expected to boost leasing activity in 2025.

In the industrial sector, the property index grew by 3.5% YoY, with warehouse occupancy rising to 91.5%. Despite this, Business Park occupancy declined to 77.9%. The market anticipates a rise in completions for warehouse and Business Park spaces in 2025, although multi-user factory supply is expected to remain low.

The retail sector remains a stronghold for global brands, bolstered by tourism recovery and high occupancy rates. Key sectors such as athleisure and food and beverage are expected to continue driving demand.

Residential transactions increased to 21,950 units in 2024, with non-landed prices rising 4.7% YoY. Whilst rental rates fell 1.9% year-on-year, transaction volumes indicate market stabilisation. Positive buyer sentiment is expected to persist into 2025, with moderate growth in property price indices.

Overall, while interest rate cuts have improved investor sentiment, economic and geopolitical uncertainties continue to influence cautious investment strategies. The market’s outlook for 2025 suggests selective investment focus on sectors with strong growth potential.

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