Industry News

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.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singapore is currently hosting the inaugural General Assembly of the International Organisation for Marine Aids to Navigation (IALA) as an intergovernmental organisation (IGO), from 18 to 21 February 2025. This significant event follows IALA’s transition from a non-governmental organisation to an IGO on 22 August 2024, after the Convention on the International Organisation for Marine Aids to Navigation came into force.

Senior Minister and Coordinating Minister for National Security, Mr Teo Chee Hean, delivered the keynote address, emphasising the importance of international cooperation in enhancing navigational safety. He reaffirmed Singapore’s support for IALA’s mission to ensure the safe and efficient movement of vessels, benefiting the maritime community and protecting the marine environment.

The assembly, attended by approximately 400 delegates from 65 countries, provides a platform for discussing developments in Aids to Navigation, vessel traffic services, and emerging technologies. It also includes the election of the IALA Council for the next term and the setting of strategic priorities for the organisation’s future work.

IALA Secretary-General, Mr Francis Zachariae, expressed gratitude to Singapore for hosting the event, stating, “The transition to an intergovernmental organisation will enable IALA to collaborate more effectively with governments and other intergovernmental organisations.”

The event also features a joint seminar on the VHF Data Exchange System, organised by the Maritime and Port Authority of Singapore (MPA), IALA World-Wide Academy, and the Japan Coast Guard, highlighting Singapore’s commitment to enhancing global maritime safety.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Pan Pacific Orchard has announced the appointment of Jason Leung as its new General Manager, effective 27 January 2025. Leung, who brings a wealth of experience in luxury hospitality, is set to lead the hotel into its next phase of growth and innovation.

Leung’s appointment is seen as a strategic move by Pan Pacific Orchard to bolster its leadership team with seasoned expertise. His extensive background in the luxury hospitality sector is expected to be a significant asset as the hotel aims to enhance its service offerings and guest experiences. The hotel, part of the Pan Pacific Hotels Group, is renowned for its commitment to sustainable tourism practices, being GSTC-certified, which aligns with Leung’s vision for sustainable growth.

The Pan Pacific Hotels Group, which manages over 50 hotels, resorts, and serviced suites globally, continues to expand its footprint under its three brands: Pan Pacific, PARKROYAL COLLECTION, and PARKROYAL. The appointment of Leung is anticipated to further strengthen the group’s position in the competitive hospitality market.

Leung’s leadership is expected to drive innovation and elevate the guest experience at Pan Pacific Orchard. His role will involve overseeing the hotel’s operations and implementing strategies that align with the group’s sustainable tourism goals. As the hotel embarks on this new chapter, Leung’s expertise will be pivotal in navigating the challenges and opportunities within the luxury hospitality industry.

A rare opportunity has emerged for property developers as ETC, a commercial real estate advisory firm, announces the sale of a freehold land parcel in Singapore’s coveted District 15. The site, located at Jalan Jamal / Elite Park Avenue, is available through a tender process closing on 18 March 2025 at 3pm.

The land parcel, spanning approximately 3,300.7 square metres (35,528 square feet), is zoned for “3-storey mixed landed housing” under the Master Plan 2019. With an asking price of S$38 million, the land rate is approximately S$1,070 per square foot. The site is currently vacant, offering developers a blank canvas to create bespoke housing projects without the need for demolition.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the uniqueness of the offering: “Freehold land parcels of this scale in the coveted District 15 are rarely available for sale. What makes this site even more appealing is that it is a vacant plot of regular shape, offering developers a true blank canvas to create a bespoke landed housing project.”

The site is strategically located just 180 metres from East Coast Road, providing future residents with access to dining, retail, and lifestyle options, including popular malls like Parkway Parade and i12 Katong. Additionally, the site boasts excellent connectivity with Siglap MRT Station nearby and access to major expressways.

The Urban Redevelopment Authority’s Real Estate Information System reports a 5.2% compounded annual growth rate for landed homes in District 15 from 2015 to 2024, surpassing the islandwide rate of 4.3%. This underscores the district’s resilience and growth potential, making the land parcel an attractive investment for developers.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Standard Chartered Bank has announced a strategic partnership with StraitsX, a Singapore-licensed stablecoin issuer, to bolster the reserve management of its U.S. Dollar and Singapore Dollar stablecoins, XUSD and XSGD. This collaboration aims to integrate blockchain-based assets into mainstream finance, enhancing the security and transparency of digital payments.

StraitsX, a leading digital payment infrastructure provider, will benefit from Standard Chartered’s extensive expertise in cash management and custody services. This partnership is set to strengthen essential payment rails, ensuring seamless access to XUSD and XSGD for businesses and individuals. The stablecoins are fully backed and comply with the Monetary Authority of Singapore (MAS)’s upcoming regulatory framework, reinforcing their reliability and trustworthiness.

Jason Tay, Head of Commercial at StraitsX, stated, “At StraitsX, we believe that trust, transparency, and regulatory alignment are fundamental to the mainstream adoption of digital assets. Our collaboration with Standard Chartered marks a significant step in enhancing the security and resilience of our stablecoin ecosystem.”

Luke Boland, Head of Fintech, Asia at Standard Chartered Bank, added, “This partnership further expands Standard Chartered’s involvement across the digital asset ecosystem, reinforcing our role in supporting responsible growth within the industry.”

As global demand for efficient digital payment solutions accelerates, this partnership sets a new benchmark for integrating blockchain-powered finance with institutional banking expertise. It advances the future of regulated, cross-border digital transactions, aligning with Singapore’s vision for digital finance.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

RHB Bank has projected a 2% growth in Singapore’s non-oil domestic exports (NODX) for 2025, according to its latest Global Economics and Market Strategy Report. The report, attributed to Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank, also forecasts a 3% growth in the manufacturing sector. Despite these positive projections, the bank remains wary of external risks, particularly uncertainties surrounding US trade policies and potential trade tensions that could impact Singapore’s trade performance.

In January 2025, Singapore’s NODX experienced a 2.1% year-on-year decline, reversing a 9% growth observed in December 2024. This drop was contrary to market expectations, which had anticipated a modest 0.3% year-on-year increase. The month-on-month seasonally adjusted figure also fell by 3.3%.

Gan highlighted the cautious optimism in the report, noting the potential challenges posed by global trade dynamics. “We remain cautiously optimistic about Singapore’s NODX performance,” he stated, emphasising the need to monitor external factors closely.

The report underscores the importance of understanding global trade developments and their potential impact on Singapore’s economy. As the year progresses, stakeholders will be keenly observing how these projections align with actual performance, especially in light of evolving international trade relations.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Aspire, a Singapore-based fintech company, has launched a Visa corporate card specifically designed for small and medium-sized enterprises (SMEs) in Hong Kong. This initiative aims to address the financial challenges faced by these businesses, which often include limited access to corporate cards, high fees, and inadequate expense visibility. The new card offers a user-friendly and cost-effective solution, empowering SMEs to manage their finances more efficiently.

The launch comes as nearly 79% of Hong Kong’s SMEs focus on growth through cross-border transactions. The Aspire Visa card facilitates this by providing access to multicurrency and seamless cross-border payments. By integrating Aspire’s innovative technology with Visa’s global network, businesses can manage their funds through a single account, ensuring secure and fast transactions worldwide.

Andrea Baronchelli, Co-founder and CEO of Aspire, stated, “Our partnership with Visa represents a significant leap forward in our mission to empower entrepreneurs and SMEs across the world.” Paulina Leong, General Manager of Visa Hong Kong and Macau, added, “This collaboration reinforces our commitment to equipping SMEs with world-class payment methods that will help drive Hong Kong’s digital economy forward.”

To celebrate the launch, Aspire is offering an 8% cashback on the first HKD18,888 spend for new clients who sign up before 28 February. This initiative underscores Aspire’s commitment to supporting Hong Kong’s SMEs in navigating the modern global economy.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Singaporeans are generally optimistic about the future, with 60% expressing a positive outlook, according to Fidelity International’s Global Sentiment Survey. However, financial concerns remain prevalent, as only 49% feel secure about their day-to-day finances, and a mere 22% are confident in their investment abilities. The survey, which included 1,000 Singaporean respondents, highlights the ongoing stress caused by rising living costs and inflation.

The survey indicates a decline in optimism from the previous year, when 75% of Singaporeans felt positive about the future. Despite this, only 24% are pessimistic about the near future. Financial stress is exacerbated by the cost of living, with 77% of respondents citing it as a major concern, followed by healthcare costs and retirement savings.

Wildon Goh, Head of Southeast Asia and Country Head of Singapore at Fidelity International, noted, “It is clear that finances and planning for retirement remain the top concerns for most people, as individuals are feeling less confident about managing their money and investing.”

The survey also reveals that 33% of Singaporeans are saving less than six months ago, primarily due to increased household and commuting expenses. Savings and investments are identified as the most pressing financial needs by 49% of respondents, yet many do not seek financial advice.

As Singaporeans navigate these challenges, the importance of consistent investment and financial education is underscored. Fidelity International emphasises the role of financial institutions in supporting individuals to achieve their financial goals amidst the evolving economic landscape.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

Seavolt and RAD Propulsion have announced a strategic partnership aimed at revolutionising electric boating in Australia and the Pacific.

This collaboration merges Seavolt’s advanced marine charging technology with RAD Propulsion’s innovative electric drive systems, providing a comprehensive solution for boat manufacturers, marinas, ports, sporting organisations, and governments in the region.

Seavolt, a leader in marine electrification, offers marinised chargers ranging from 7kW to 360kW, capable of charging boats in minutes. These chargers are powered by micro-grid solar systems, ensuring 100% renewable energy.

RAD Propulsion, a UK-based company, is known for its RAD 40 electric drive, which is lightweight and designed for intuitive use, aiming to reduce maritime carbon emissions.

Dan Hook, CEO of RAD Propulsion, expressed enthusiasm about the partnership, stating, “We’re thrilled to collaborate with Seavolt to bring sustainable and high-performance solutions to Australia and the Pacific.” This partnership aligns with RAD Propulsion’s mission to make electric propulsion smarter and cleaner.

Seavolt CEO, Chris Cudlipp, highlighted the transformative potential of the partnership, noting that it allows Seavolt to offer a complete engine, battery, and charging solution. “We’re receiving constant enquiries from customers who want to electrify their fleets,” he said.

The partnership is set to meet growing demand with the RAD 40 kW engine, paired with high-performance batteries and advanced features like multi-function displays and connectivity solutions. This collaboration promises to set a new standard for electric boating, offering a seamless transition to clean energy.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.

The Straits Times Index (STI) has achieved a new milestone by climbing above 3,900 points, marking an all-time high. This surge is attributed to significant gains in key constituents, including notable increases in the prices of stocks such as BS6, S68, and H78. Between 16 April 2024 and 10 February 2025, BS6 saw a price change of 61.1%, whilst S68 and H78 recorded increases of 53% and 45%, respectively.

Retail investors have been actively participating in the market, with net purchases amounting to S$487m in Singapore shares since the end of 2024. This activity has been concentrated in the Financial Services, Real Estate Investment Trusts (REITs), and Technology sectors. Interestingly, historical trends suggest that retail investors tend to sell during periods of strong market performance and buy during weaker phases.

The Singapore Exchange (SGX) has also introduced Singapore Depository Receipts (SDRs) for Hong Kong-listed companies, allowing local investors to access these markets without currency risk. This initiative is expected to provide more opportunities for Singapore-based investors.

As the STI continues to break records, market analysts and investors are closely monitoring the trends and movements within the index. The current landscape presents both opportunities and challenges, with the potential for further growth in the coming months.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.