Industry News

The latest figures from Huttons Asia reveal a significant shift in the Housing Development Board’s (HDB) Build-To-Order (BTO) application rates as of 17 February 2025. This year, 34,444 applicants vied for 10,622 BTO and Sale of Balance Flats (SBF), averaging 3.2 applicants per flat. This marks a decrease from the previous year’s 4.0 applicants per flat, where 22,581 applicants competed for 5,714 flats.

The SBF exercise attracted more interest, particularly for flats that are already completed or nearing completion. This trend is expected to alleviate demand pressure and stabilise resale market prices. Notably, more singles opted for the 2-room flexi flats under the SBF exercise, with a median application rate of 4.8 for BTO flats among first-time singles. In contrast, the application rate for 2-room flexi SBF flats ranged from 53.2 to 393.

The supply of over 700 SBF flats in Woodlands and Yishun impacted the BTO application rates for projects like Chencharu Green and Woodlands North Verge. First-time applicants for 4-room flats in Urban Rise @ Woodlands and Chencharu Hills saw an application rate of 2.1, dropping to around 1 for other projects in the area. Most applicants should be able to secure a flat, subject to the Ethnic Integration Policy quota.

Prime and Plus projects remained unaffected by the SBF, likely due to the absence of comparable SBF projects. Tanjong Rhu Parc Front experienced 3.5 applicants per 4-room flat, attributed to fewer available units compared to previous offerings. Stirling Horizon also saw higher demand with 1.7 applicants per 4-room flat, surpassing Queensway Canopy, although a direct comparison was not possible due to aggregated data.

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OrangeTee has released its analysis of the February 2025 Build-To-Order (BTO) and Sale of Balance Flats (SBF) application results, revealing a notable decline in overall application rates compared to the previous sales launch in October 2024.

As of 17 February 2025, 12,431 applicants vied for 5,032 BTO units, resulting in an application rate of 2.5, down from 4.2 in October 2024.

This decrease is attributed to the simultaneous release of numerous SBF flats and the anticipation of upcoming BTO projects in June.

The Prime and Plus Flats in Tanjong Rhu and Queenstown emerged as the most sought-after projects. In Tanjong Rhu’s Kallang/Whampoa project, Tanjong Rhu Parc Front, application rates for 3-room and 4-room flats were 2.6 and 5.4, respectively.

These figures surpass those of the previous Tanjong Rhu Riverfront I and II project, despite the latter offering more units. The current project’s lower prices and strategic location near MRT stations and the city centre contributed to its popularity.

Conversely, Queenstown’s Stirling Horizon project experienced lower-than-expected application rates, with a 2.5 rate for 4-room flats, compared to Holland Vista’s 9.8. The larger number of available units and longer waiting time of over four years likely influenced this outcome.

In the SBF exercise, 22,013 applicants competed for 5,590 units, yielding a 3.9 application rate, higher than the BTO rate. The SBF’s diverse range of flats across the island offered applicants more choices, particularly in popular estates like Bedok, Bishan, and Clementi. However, the median application rate for 3-room or larger flats for first-time families fell to 2.5, down from 10.5 in February 2024, due to the increased number of flats launched over the past year.

Notably, non-mature estates such as Tampines and Hougang saw high demand for 2-room flexi flats, indicating a preference amongst seniors and singles for these areas due to availability and lower prices.

Danfoss Singapore celebrates the first anniversary of its fully electric ferry fleet, Electric Dream, which has significantly contributed to Singapore’s maritime decarbonisation efforts by eliminating over 6,000 tonnes of CO2 emissions annually. In collaboration with Penguin and other industry partners, Danfoss has developed a scalable and adaptable model that aligns with Singapore’s Green Plan 2030 and the 2050 decarbonisation goal.

The Electric Dream fleet’s success is attributed to Danfoss’ innovative fast-charging solutions and technology, making the fully electric ferry operationally viable. Lodi Boedels, Head of Engineering for Marine & Land Electrification, APAC, Danfoss Drives, highlighted the efficiency and output advantages of a fully electric system over a hybrid propulsion system. He noted, “The sustainability impact of Electric Dream demonstrates how this project model can be replicated for Singapore’s maritime decarbonisation roadmap.”

Huan Ping Tan, Head of Drives Singapore at Danfoss Drives, emphasised the importance of tailored decarbonisation solutions and customer-centric approaches in facilitating the adoption of electric solutions in the maritime industry. He addressed the challenges of balancing operational needs with sustainability, stating that upcoming shifts towards electrification are crucial for the industry’s future.

As Singapore continues to pursue its ambitious environmental goals, the Electric Dream project stands as a testament to the potential of electric solutions in reducing carbon emissions and promoting sustainable practices in maritime operations.

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Singapore’s real estate sector experienced a 3.5% year-on-year (YoY) growth in the fourth quarter of 2024, with a 1.1% increase from the previous quarter, according to the latest SGX Market Update. This growth contributed to a modest 0.2% expansion for the entire year, driven by activities in private residential, commercial, and industrial segments. The sector’s focus on sustainability, adaptive reuse, and integrated properties is shaping its future trajectory.

Hongkong Land has emerged as Singapore’s most traded real estate stock this year. In October, the company unveiled a strategy to concentrate on ultra-premium integrated commercial properties in key Asian cities, including Hong Kong, Singapore, and Shanghai. By 2035, Hongkong Land aims to double its profits, dividends, and assets under management to $100b, whilst recycling up to $10b in capital.

Amongst the 10 most traded real estate-related stocks, Tuan Sing, Wee Hur, LHN, PropNex, and Centurion Corporation have shown the highest percentage change in average daily turnover (ADT) over the past seven weeks compared to the full year of 2024. These companies play significant roles in the real estate value chain, from property development to specialised accommodation management.

Wee Hur Holdings, for instance, has seen its ADT rise significantly, ranking it among the 40 most traded Singapore stocks recently. The company has diversified from construction into real estate development and fund management, marking a significant milestone with its Purpose-Built Student Accommodation portfolio exit.

As the real estate sector continues to evolve, these developments highlight the dynamic nature of the market and the strategic shifts companies are making to capitalise on emerging opportunities.

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CBRE has announced the sale of a ground-floor retail podium at Sky Eden@Bedok, a mixed-use development in Singapore’s Bedok Town Centre. The sale, conducted through an Expression of Interest exercise, will close on 3 April 2025. The podium comprises 12 strata retail units, all approved for food and beverage use, and is part of a development by Frasers Property Singapore that includes 158 residential units.

Sky Eden@Bedok, located in a prime area with excellent accessibility, is the first private residential launch in Bedok Town Centre in a decade. The development is strategically positioned near Bedok’s integrated transportation hub and offers significant visibility with dual road frontage along New Upper Changi Road and Bedok Central. The residential units were fully sold by 2024, and the development is expected to receive its Temporary Occupation Permit in the fourth quarter of 2025.

The retail units, totalling approximately 1,040 square metres, are available for purchase individually, collectively, or in clusters, with prices ranging from S$1.91 million to S$5.55 million. Michael Tay, CBRE Head of Capital Markets, Singapore, highlighted the scarcity and investment appeal of suburban ground-floor strata retail units, noting their potential to command premium rents.

Sky Eden@Bedok is surrounded by densely populated HDB estates and a variety of amenities, including Bedok Hawker Centre and Heartbeat@Bedok. The area is also undergoing rejuvenation, with plans to redevelop Bedok Stadium and expand residential offerings, potentially increasing the local population and demand for retail services.

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The Singapore property market kicked off 2025 with a significant surge in sales, as developers sold 1,083 units in January. This represents a remarkable 433.5% increase from December 2024 and a 256.3% rise compared to January 2024. The strong performance was driven by two major launches: Bagnall Haus and The Orie, which together accounted for nearly 70% of total sales.

Bagnall Haus, a freehold project located near an MRT interchange, sold more than 65% of its units at a median price of S$2,494 per square foot (psf). Meanwhile, The Orie saw 680 of its 777 units snapped up at a median price of S$2,731 psf, reflecting pent-up demand in the mature estate of Toa Payoh after an eight-year hiatus.

Sales were predominantly concentrated in the Rest of Central Region (RCR) and Outside Central Region (OCR), with the RCR accounting for 71.2% of sales. One Bernam emerged as the best-selling project in the Core Central Region (CCR), with 99 units sold, benefiting from promotional offers by the developer.

Foreign buyers made 13 purchases in January, with six of these in the CCR. Singaporeans comprised 90.3% of the buyers, while permanent residents accounted for 8.5%.

Looking ahead, February is expected to continue the positive trend, with major projects like ELTA and ParkTown Residence set to book sales. Developers are projected to sell between 7,000 and 8,000 units in 2025, with property prices estimated to grow between 4% and 7% barring unforeseen circumstances.

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Singapore’s non-oil domestic exports (NODX) experienced a contraction of 3.3% month-on-month in January, according to a report by UOB Global Economics and Markets Research. This decline follows two months of strong growth, with a year-on-year (YoY) decrease of 2.1%, attributed to shifting holiday effects.

The electronics sector, a significant component of NODX, saw its growth rate slow to 9.6% YoY in January, down from 18.6% in December. This deceleration is linked to the fading of favourable base effects from August 2022 to December 2023. Key contributors to the electronics growth included integrated circuits, personal computers, and disk media products. However, non-electronics NODX fell by 4.8% YoY, with pharmaceuticals and specialised machinery leading the decline.

Despite the resilience in electronics, UOB’s report suggests that the YoY growth in this sector has likely peaked. The report notes, “The electronics cycle in both South Korea and Taiwan, which serves as a bellwether for the region, has convincingly peaked sometime in Q3 2024.”

The report also highlights potential risks from US trade policies under President Donald Trump’s “Fair and Reciprocal Plan,” which could impact global trade dynamics. Although Singapore faces lower direct tariff risks, its open economy remains vulnerable to global trade disruptions.

UOB maintains its 2025 NODX growth forecast at 1.5%, anticipating a slowdown in export momentum in the second half of the year due to tariff impacts. This forecast aligns with the official projection range of 1.0% to 3.0% by Enterprise Singapore.

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EBANX, a global payment service provider specialising in emerging markets, has received In-Principle Approval for a Major Payment Institution licence from the Monetary Authority of Singapore (MAS). This approval allows EBANX to expand its cross-border money transfer and merchant acquisition services, enhancing its global settlement hub and benefiting over 500 enterprise merchants worldwide.

The Asia-Pacific (APAC) region is crucial for EBANX, accounting for 39% of its total processed volume in 2024. The company operates offices in Shanghai and Singapore and has recently initiated payment operations in India. João Del Valle, CEO and co-founder of EBANX, stated, “Receiving In-Principle Approval for an MPI licence in Singapore, one of the most robust ecosystems for international payments, is a testament to EBANX’s priority to meet the highest regulatory standards.”

The approval follows strategic moves by EBANX in Asia, including a partnership with YES BANK and appointing a Country Director for India. EBANX has been a key payments partner for APAC merchants for 12 years, supporting growth across various markets in Latin America and Africa. The company serves multiple sectors, including SaaS, gaming, and financial services, with clients like Canva and Alibaba.

To further its strategic growth in APAC, EBANX has relocated Fernanda De Fino, Global Director of Risk and Compliance, to Singapore. De Fino will also serve as the Executive Director of EBANX in Singapore, reinforcing the company’s commitment to the region. EBANX plans to continue expanding its team across APAC, leveraging Singapore’s strategic location and robust regulatory framework.

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New home sales in Singapore experienced a dramatic increase in January 2025, with transactions rising more than fivefold compared to the previous month. According to the Urban Redevelopment Authority (URA), sales excluding executive condominiums (ECs) soared by 433.5%, reaching 1,083 units, up from 203 units in December 2024. This marks the highest January sales since 2021, when 1,633 units were sold.

The surge was largely driven by three new project launches: The Orie, Bagnall Haus, and The Gatz. The Orie, in particular, saw overwhelming demand, selling 87.5% of its units. Its attractive location and competitive pricing, coupled with lower mortgage rates following recent interest rate cuts, contributed to its success. The project is especially appealing to HDB upgraders, given the high resale prices in Toa Payoh, and is expected to benefit from future developments in the area.

In addition to The Orie, other projects like One Bernam also performed well, with 99 units sold in January compared to just three in December. Attractive price discounts and the project’s imminent completion likely boosted sales.

Sales were predominantly concentrated in the Rest of Central Region (RCR), accounting for 71.2% of transactions, followed by the Outside of Central Region (OCR) and the Core Central Region (CCR). The luxury market, however, saw limited activity, with only two high-value transactions at Park Nova.

Looking ahead, several large-scale developments, including ELTA, Parktown Residence, and Aurelle of Tampines, are set to launch. These projects are expected to sustain the momentum, with new home prices projected to rise by 2-4% this year. An estimated 7,000 to 9,000 new homes could be sold in 2025, up from 6,469 units in 2024.

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Singapore’s small and medium-sized enterprises (SMEs) are bracing for a challenging 2025, with artificial intelligence (AI) and cyber risks at the forefront of their concerns, according to QBE Insurance’s annual SME survey. Conducted between December 2024 and January 2025, the survey gathered insights from 600 decision-makers on business risks and opportunities.

The survey highlights that two-thirds of respondents cite increased costs and reduced profitability as their primary challenges, a significant rise from the previous year. Additionally, over half of the SMEs are grappling with reduced customer spending and financial difficulties. To counter these challenges, many are turning to AI to enhance productivity, with 52% acknowledging its significant impact.

However, the enthusiasm for AI is tempered by concerns over its risks. A notable 34% of respondents view AI as a threat to business activity, up from 30% last year. Privacy and security concerns related to AI have also surged, with 66% worried about privacy issues and 51% about security breaches.

Cyber risks remain a critical issue, with only 40% of SMEs feeling fully informed about these threats, a decline from the previous year. Despite an increase in cyber events, spending on cyber insurance has decreased, with only 36% of businesses covered.

Ronak Shah, CEO of QBE Singapore, emphasised the importance of adapting workforces to AI, stating, “The proliferation of AI is not about replacing people with machines but rather about adapting our workforces to meet this new paradigm.”

As SMEs navigate these challenges, the survey underscores the need for tailored insurance solutions and a balanced approach to technology adoption.

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