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Economy

Singapore GDP forecast shifts to 1.6% amidst tariff impact: CGS International

ASEAN economies are grappling with the repercussions of a recent 10% reciprocal tariff, as outlined in CGS International’s latest economic note.

The tariff has led to downward adjustments in growth forecasts for Singapore, Malaysia, and Thailand, whilst Vietnam emerges as the most adversely affected due to its high dependence on the US market. Indonesia, however, remains relatively insulated given its low export reliance on the US.

The exclusion of the semiconductor segment from the tariff list, announced on 2 April and extended on 11 April, offers some respite. Over 60% of Singapore and Malaysia’s exports to the US are exempted, compared to 30% for Thailand and Vietnam, and 10% for Indonesia. However, CGS International warns that this relief may be temporary as the US administration considers additional tariffs targeting the semiconductor and pharmaceutical sectors.

The economic note suggests that the ASEAN region may need to pivot towards a consumption-driven growth model, as the US remains a critical market for its exports. The possibility of a ‘Mar-a-Lago accord’ could cement a permanent minimum tariff, further complicating ASEAN’s export-oriented growth strategy.

Forecast revisions include Malaysia’s GDP growth for 2025 being lowered to 4.2% from 4.6%, and Singapore’s to 1.6% from 2.5%. Thailand’s forecast sees a slight increase to 1.8% from an earlier 1.5%, though still below pre-April expectations. Indonesia’s growth remains projected at 5.0%, reflecting its relative insulation from the trade tensions.

These developments underscore the need for ASEAN economies to navigate the evolving trade landscape carefully, balancing national interests with external pressures.
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Information Technology

Nicole Tan appointed as Meta’s Singapore Country Director

Meta has announced the appointment of Nicole Tan as its new Country Director for Singapore, effective 2 June 2025. With over 25 years of industry experience, including nine years at the helm of Meta’s operations in Malaysia, Tan is set to drive digital empowerment and innovation across industries in Singapore. Her role will focus on leveraging artificial intelligence (AI) to create new business opportunities and support the growth of Singapore’s digital economy.

Tan’s appointment is seen as a strategic move by Meta to strengthen its presence in Singapore, a key hub for innovation and regional collaboration in Southeast Asia. Benjamin Joe, Vice President of Southeast Asia and Emerging Markets at Meta, expressed confidence in Tan’s leadership, stating, “Nicole has a deep understanding of what businesses and communities across Southeast Asia need to thrive in a digital world.”

In her new role, Tan aims to work closely with Meta’s team and partners in Singapore to foster growth through technology and build meaningful connections within the digital economy. “Singapore is a dynamic market that is spearheading Southeast Asia’s digital transformation,” Tan remarked, highlighting her enthusiasm for the opportunities ahead.

Before joining Meta, Tan held senior leadership positions in Malaysia and China, and she has been a vocal advocate for inclusive leadership, particularly in supporting women in tech and marketing. Her extensive experience in accelerating digital adoption and expanding cross-industry partnerships is expected to be instrumental in her new role.
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Healthcare

HealthMetrics expands access to Singapore healthcare

HealthMetrics, a leading digital Third-party Administrator (TPA) in Southeast Asia, has officially launched HealthMetrics Indonesia, enhancing access for Indonesian and international patients to Singapore healthcare providers. This expansion, announced on 17 April 2025, integrates HealthMetrics’ advanced digital infrastructure with the expertise of Across Asia Assist Indonesia, acquired in 2022.

The initiative allows over 850 Singapore healthcare providers, including HMI Surgery Centre, to connect with HealthMetrics’ extensive client base in Indonesia and the region. This move is significant as Indonesia accounts for more than half of Singapore’s inbound medical tourists. Alvin Yuan, Group CEO of HealthMetrics Group, stated, “We see ourselves not just as a digital TPA – but as a regional enabler of smarter, connected healthcare ecosystems.”

HealthMetrics’ platform, which includes the Global Member App and International Assistance Hub, facilitates seamless cross-border healthcare access. The app offers real-time claims submission and tracking, whilst the hub connects over 15,000 direct billing providers regionally. This digital-first approach aims to improve access, efficiency, and quality of care for patients across Southeast Asia.

The launch event, HealthMetrics Spotlight 2025, held in Jakarta, highlighted the role of digital infrastructure in healthcare administration. Supported by Singapore-based partners like Curie Oncology and Forte Cardiology, the event underscored the importance of cross-border partnerships in advancing a connected healthcare experience.

HealthMetrics plans to continue its growth in Southeast Asia through strategic partnerships, aiming to exceed $1b in cumulative medical treatments by the end of 2025. This expansion underscores Singapore’s role as a premium medical hub and opens new opportunities for inbound medical travel.
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Government

HSA seizes illegal health products in Singapore raid

A raid conducted by the Health Sciences Authority (HSA) on 21 March 2025 at a Housing Development Board (HDB) flat in Beo Crescent led to the seizure of illegal health products valued at S$51,000. The operation uncovered more than 18,000 units of prescription medicines and supplements for sexual enhancement, along with 30 vaporisers and related components. Equipment used for manufacturing these products, including a blister pack sealing machine and capsule filling machine, was also confiscated.

The raid followed a tip-off about the illegal manufacturing and storage activities within the flat. A 36-year-old male suspect is currently assisting HSA with investigations regarding the suspected illegal manufacture and supply of these products.

Annie Tan, Director of the Enforcement Branch at HSA, highlighted the potential health risks posed by products made in unlicensed facilities. “Health products made in non-licensed facilities could pose an immense health risk. The products are produced under poor manufacturing conditions with no quality controls,” she stated.

HSA has not detected any online sales of these illegal products but has alerted local e-commerce and social media platforms to prevent their listing. Consumers are advised to be cautious when purchasing health products, ensuring they buy from reputable sources and report any suspicious items to HSA.

The authority emphasises its commitment to combating illegal health product activities, warning that offenders face severe penalties, including imprisonment and hefty fines. The public is encouraged to report any illegal activities involving health products to HSA’s Enforcement Branch.
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Economy

Singapore Business Chamber launches in Cambodia

The Singapore Business Chamber in Cambodia Association (SBCCA) is set to officially launch on 26 April 2025 in Phnom Penh, marking a significant step in bolstering business and investment relations between Singapore, Cambodia, and the wider Asia-Pacific region. The event will gather key business and government figures to celebrate the establishment of this new platform, which is dedicated to fostering professional networks and promoting cross-border investment.

SBCCA’s mission is to serve as a trusted bridge between Singapore and Cambodia, offering insights, resources, and connections to help businesses explore regional opportunities. “Cambodia represents both opportunity and momentum,” said Tan Wee Pin, Chairman of SBCCA. “SBCCA’s role is to be the launchpad — helping Singaporean businesses plant deep roots here, grow with confidence, and lead with purpose.”

The chamber has outlined several strategic priorities, including building a professional network for Singaporean entrepreneurs and corporations in Cambodia, facilitating high-level business dialogues, hosting events for professional development, and providing market insights to navigate Cambodia’s business landscape.

The launch of SBCCA aligns with Singapore’s global economic diplomacy efforts, joining other international business chambers in championing Singapore’s presence abroad. The event will take place at the Hyatt Regency Phnom Penh from 5:30 PM to 9:30 PM, with media invited to cover this landmark occasion.

SBCCA offers structured membership tiers, with corporate membership priced at $350 (£280) per annum and individual membership at $100 (£80) per annum, providing access to exclusive events and networking opportunities. For more information, interested parties can visit the SBCCA website.
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Economy

Singapore inflation expectations stable amid mixed sentiments

The Singapore Index of Inflation Expectations (SInDEx), conducted by the Singapore Management University (SMU) and co-sponsored by DBS Group Research, indicates that Singapore’s inflation expectations remain stable despite mixed public sentiments. The survey, conducted from 24 to 30 March 2025, involved around 500 Singaporean households and revealed that the One-year-Ahead headline inflation expectations remained unchanged at 3.8% in March 2025 compared to December 2024.

The survey findings highlight that whilst the overall Consumer Price Index Inflation Expectations (CPIEx) increased to 5% in March 2025 from 4.4% in December 2024, reflecting global uncertainty, the One-year-Ahead inflation expectations for major components like food, transportation, and healthcare mostly increased or remained unchanged. Dr. Aurobindo Ghosh, the principal investigator, noted that these expectations signal potential risks from geopolitical tensions and trade wars.

DBS Chief Economist Taimur Baig commented on the survey’s findings, noting the impact of global economic developments on Singapore’s growth and inflation. The survey also revealed that 44.4% of respondents expect inflation to decline in the medium term, whilst an equal percentage anticipate an increase, illustrating a cognitive dissonance among consumers.

The survey further indicated that Singaporean consumers expect a slight increase in expenses over the next 12 months, with changes in consumption behaviour potentially influenced by post-pandemic lifestyle shifts. The next monetary policy statement by the Monetary Authority of Singapore is anticipated by July 2025, which may further influence inflation expectations.
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Financial Services

Singapore banks see downgrade amidst global uncertainty

RHB has downgraded its outlook for Singapore’s banking sector from “Overweight” to “Neutral” due to a subdued global macroeconomic environment and the impact of US President Donald Trump’s reciprocal tariffs. The financial services group has reduced its earnings forecasts for the sector by 2% to 3% for the fiscal years 2025 to 2027, affecting major banks such as OCBC Bank and United Overseas Bank (UOB), which have both been downgraded to “Neutral” from “Buy”.

The decision comes as RHB Economics adopts a more cautious stance on the global economic outlook, prompting a realignment of its sector view. “The pause provides investors with a reprieve and an opportunity to reposition,” the report noted, highlighting the potential for strategic adjustments in response to market volatility.

DBS remains RHB’s top pick, with the bank expected to maintain strong yields and capital returns despite the challenging environment. The report suggests that investors should stay focused on these aspects as they navigate the current market conditions.

This adjustment in RHB’s outlook reflects broader concerns about the impact of geopolitical tensions and economic policies on financial markets. As the sector faces these headwinds, the emphasis on yields and strategic positioning becomes increasingly crucial for investors.

Looking ahead, the banking sector’s performance will likely hinge on its ability to adapt to these external pressures whilst maintaining robust financial health. The ongoing developments in global trade and economic policy will continue to be closely monitored by market participants.
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Shipping & Marine

Strategic Marine delivers vessels to Truth Maritime Services

Strategic Marine, a full-capacity shipbuilder with a shipyard in Singapore, has successfully delivered two state-of-the-art 42-metre vessels to Truth Maritime Services (TMS) in Thailand, marking another milestone in their collaboration. This delivery, announced on 21 April 2025, further solidifies the partnership between Strategic Marine, Prima Marine Group, and TMS, which began in 2022, to enhance offshore operations in Southeast Asia and the Middle East.

Following the handover of the first two Gen 4 Fast Crew Boats (FCBs), TMS RANOD and TMS RAMAN, in 2024, the new vessels are expected to bolster TMS’s capabilities in offshore petroleum exploration and platform maintenance. TMS, a prominent player in crew boat operations, now boasts a fleet of 17 crew boats and two 300-passenger accommodation barges, enhancing personnel transfers with a focus on efficiency and safety.

“As we continue to strengthen our partnership with Truth Maritime Services and Prima Marine Group, we are proud to see our vessels contributing to their operational success,” said Chan Eng Yew, CEO of Strategic Marine. “The delivery of these new crew boats is a testament to our shared commitment to innovation, quality, and meeting the evolving demands of the offshore industry.”

Strategic Marine’s latest delivery underscores its reputation as a trusted global shipbuilder, providing high-performance vessels to support its partners’ growth. As TMS and Prima Marine expand, Strategic Marine remains committed to delivering cutting-edge solutions to meet future fleet requirements.
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Commercial Property

Colliers launches rare freehold site for sale in Singapore

A rare freehold residential site at 835 Upper Serangoon Road, Singapore, has been launched for sale by Colliers International through an Expression of Interest (EOI) exercise. The site, located in District 19, is priced at S$36m and offers developers and investors a unique opportunity to acquire a substantial land parcel in a well-connected area. The EOI exercise will remain open for five weeks, closing on 28 May 2025.

The site spans approximately 23,709 square feet and is strategically positioned just a five-minute walk from Kovan MRT Station, enhancing its appeal due to exceptional connectivity. The land is zoned for residential use under the 2019 Master Plan, with a Gross Plot Ratio of 1.4, allowing for flexible redevelopment options, including flats and various landed residential formats.

Tan Boon Leong, Executive Director and Co-Head of Investment Services at Colliers Singapore, highlighted the site’s potential, stating, “The launch of this freehold residential redevelopment opportunity at 835 Upper Serangoon Road presents a unique chance for developers and investors to acquire a prime land parcel in one of Singapore’s most sought-after districts.”

The property is situated in a mature residential enclave, offering future residents a blend of tranquillity and connectivity. It is within walking distance of Heartland Mall and Kovan Hougang Market and Food Centre, making it highly desirable for homebuyers and tenants.

Interested parties are encouraged to submit their EOI proposals before the deadline. This opportunity is particularly attractive to local developers, private investors, and ultra-high-net-worth individuals seeking to capitalise on the site’s robust redevelopment potential.
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Shipping & Marine

StarCruises launches shorter itineraries from Singapore and Ho Chi Minh City

StarCruises has unveiled a new series of shorter itineraries aboard the Star Voyager, departing from Singapore and Ho Chi Minh City. These 3 and 4 Night Cruises are designed to meet the growing demand for brief yet enriching travel experiences, making them ideal for school holidays, first-time cruisers, and busy professionals.

“As travel preferences evolve, more and more people are seeking shorter, yet fulfilling cruise experiences,” said Michael Goh, President of StarDream Cruises. The new itineraries aim to offer flexibility and excitement, appealing to both established cruise hubs like Singapore and emerging markets such as Ho Chi Minh City.

Starting 15 May 2025, the Star Voyager will embark on 3 Night cruises from Singapore to Phuket, Thailand, with additional departures on 18 and 24 May. These voyages promise a blend of relaxation and adventure, with ample time to explore Phuket’s beaches, nightlife, and cultural landmarks.

On 21 May 2025, a special 3 Night cruise will take guests from Singapore to Penang and Melaka, Malaysia. Travellers can immerse themselves in Penang’s UNESCO-listed George Town and Melaka’s historic streets, offering a rich cultural experience.

For those seeking a longer journey, the 4 Night Cruises from Singapore to Ho Chi Minh City will depart on 11, 15, and 19 June 2025. Guests can explore Vietnam’s vibrant southern capital, visiting iconic sites like the Saigon Notre-Dame Cathedral and Ben Thanh Market.

Additionally, Star Voyager will offer 4 Night Cruises from Ho Chi Minh City to Singapore, departing on 13, 17, and 21 June 2025. This marks the first opportunity for Vietnamese travellers to embark on an international cruise from their home city.

Onboard the Star Voyager, guests can enjoy a range of amenities, including Adventure Park, Aqua Park, and live performances at Zodiac Theatre. Accommodation options range from Interior staterooms to luxurious Palace Suites.

With its revitalised approach, StarCruises aims to deliver a lifestyle-driven cruising experience, combining affordability with premium offerings. The Star Voyager sets sail on 26 March 2025, with plans to expand its homeports to include more cities in the future.
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