Industry News

Singapore-headquartered digital travel platform Agoda is celebrating its 20th anniversary on 19 May with a special sales campaign offering significant discounts on travel bookings. From 7 to 20 May, customers can enjoy up to 60% off on Agoda.com and the Agoda mobile app, with discounts increasing to 70% on 21 May.

Founded in 2005 and headquartered in Singapore, Agoda has evolved from a Southeast Asia hotel booking site into a global travel marketplace. The platform now features over 5 million hotels and holiday properties, more than 130,000 flight routes, and over 360,000 activities and experiences worldwide.

Agoda’s CEO, Omri Morgenshtern, highlighted the company’s growth, stating, “Agoda has truly become one of Asia Pacific’s preferred travel marketplaces. It’s a story of relentless focus on pricing and a deep understanding of Asian cultures.” He also emphasised the role of innovation in Agoda’s future, noting the increasing demand for personalised travel experiences and the potential of technologies like generative AI to enhance the booking process.

Agoda’s commitment to localisation extends beyond technology, with initiatives such as the Eco Deals campaign, which has raised over $1.3 million (£1 million) for the World Wide Fund for Nature. The company also supports educational workshops in Thailand and contributes thousands of volunteer hours globally.

The anniversary sale underscores Agoda’s dedication to providing affordable travel options whilst fostering meaningful connections worldwide. As the company looks to the future, it aims to continue bridging the world through travel for the next 20 years.
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Singapore’s real estate investment trust (REIT) sector is set to make history with the proposed launch of the first China REIT (C-REIT), seeded by assets within the group’s ecosystem.

The initiative involves CapitaLand Investment (CLI), CapitaLand China Trust (CLCT), and CapitaLand Development (CLD), which will collectively own a 20% stake in the new C-REIT. The listing is anticipated to occur within the next year.

The move is part of CLI’s ongoing strategy to expand its funds under management (FUM) by tapping into China’s growing pool of onshore capital.

This development is seen as a significant step in attracting international investors looking to deploy capital into China, despite initial questions about CLCT’s viability and strategy. The REIT is expected to leverage onshore recycling opportunities over time, which could mitigate concerns about its current steep discount to book value.

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CIMB Group Holdings Berhad has pledged $2.27b (RM10b) to enhance economic integration in the Johor-Singapore Special Economic Zone (JS-SEZ). This significant investment aims to unlock cross-border opportunities and facilitate seamless business operations between Malaysia and Singapore. The initiative includes the introduction of the ASEAN Financial Passport, designed to provide businesses with comprehensive cross-border banking solutions.

The JS-SEZ is poised to become a transformative hub for regional economic collaboration, offering a seamless ecosystem for businesses and talent. CIMB’s commitment is expected to catalyse growth for corporates and small and medium-sized enterprises (SMEs), whilst also accelerating investment inflows. The bank’s strategic positioning enables it to connect clients with a robust value chain ecosystem, facilitating swift market entry and operational setup.

Novan Amirudin, Group CEO of CIMB Group, highlighted the initiative’s potential to deepen regional integration and enhance production efficiency. “The JS-SEZ represents a transformative move in regional economic collaboration, deepening connectivity and unlocking new avenues for sustainable growth,” he stated.

CIMB has established a dedicated team of 30 experienced bankers across Singapore and Malaysia to expedite market entry for clients. The bank operates 28 branches in Johor, with six dedicated to supporting growth in the JS-SEZ. Additionally, CIMB is exploring branches near the Johor-Singapore Rapid Transit System Link checkpoints to better serve customers.

Beyond banking, CIMB offers value-added services such as sustainability advisory and integrated payroll solutions, aiming to streamline operations and meet emerging environmental, social, and governance requirements. These efforts underscore CIMB’s role as a regional growth partner, advocating for cross-border business expansion.

($1.00 = RM4.41)
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Singapore’s real estate investment volume reached $4.8b (S$6.5b) in the first quarter of 2025, marking a 7.3% decline quarter-on-quarter (QoQ) but a significant 60.1% increase year-on-year (YoY), according to Colliers’ latest report. The surge was largely driven by Government Land Sales (GLS), which contributed $2.1b (S$2.8b), or 42.9% of the total investments.

Despite the quarterly dip, the market showed resilience, with private transactions focusing on strategic goals like asset consolidation and enhancement. Excluding GLS, the Retail, Residential, and Other sectors were key contributors, accounting for 33.7%, 29.9%, and 21.0% of investments, respectively.

Colliers anticipates a 10–20% increase in investment volumes for 2025, projecting a total of $21.4b to $23.6b (S$29 to $32b). The firm suggests that investors may pivot towards income-driven strategies, such as repositioning older assets, due to the absence of significant yield compression.

Tan Boon Leong, Executive Director at Colliers, noted, “The macroeconomic climate could weigh on investment and occupier sentiment in the near term. However, despite growing global economic uncertainty, Singapore remains well-positioned as a safe haven for capital.”

Catherine He, Head of Research at Colliers, added, “Selective investment opportunities, particularly in redevelopment and value-add plays, have risen in appeal due to their structural tailwinds and favourable market fundamentals.”

As global uncertainties persist, Singapore’s real estate market continues to attract investors seeking stability and strategic growth opportunities.
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Singaporean businesses are increasingly investing in artificial intelligence (AI) to drive digital transformation, according to Autodesk’s 2025 State of Design & Make report. The study, which surveyed over 2,000 respondents across the Asia-Pacific region, including 161 from Singapore, highlights that 72% of local business leaders prioritise AI investments. However, a significant skills gap poses a challenge, with 62% of leaders citing a lack of skilled talent as a barrier to growth.

The report underscores the confidence in AI among Singaporean leaders, with 76% expressing trust in their company’s AI decision-making capabilities, surpassing the Asia-Pacific average of 68%. Despite this optimism, 54% acknowledge that AI could destabilise their industries, indicating a need for new skill sets and work methods.

The skills shortage is a pressing issue, with 32% of leaders ranking talent attraction and retention as a top challenge. This shortage is exacerbated by the rapid pace of technological advancements, including AI, which 30% of leaders also identify as a primary concern. As a result, nearly half of the leaders are prioritising AI skills in their hiring processes.

Efforts to address the talent gap include implementing skilling programmes, as reported by 71% of leaders. However, over half of the professionals lack resources to design effective internal training, and 61% find external programmes inadequate.

In addition to AI, sustainability is a growing focus, with 48% of leaders using AI to enhance sustainability efforts, ranking Singapore second in the region after India. As businesses navigate these challenges, leveraging government initiatives and private sector expertise will be crucial for closing the skills gap and achieving sustainable growth.
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Condo and Housing Development Board (HDB) rental volumes in Singapore saw a significant increase in March 2025.

The report highlights a 17.1% month-on-month rise in condo rentals and a 15.6% increase in HDB rentals, attributed to a resurgence in demand following the typical January–February slowdown, according to the latest 99-SRX Media Flash Report.

The condo rental market experienced a sharp rebound, with 5,929 units rented in March, up from 5,062 in February. This increase comes despite a 0.4% rise in rental prices, with year-on-year figures showing a 2% increase. The Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) all saw rental price increases of 0.2%, 0.8%, and 0.5%, respectively.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the uptick in rental volumes could be driven by returning expatriates and new foreign hires, as well as tenants seeking more affordable options amid rising rents. “Whilst some temporary demand may have stemmed from buyers entering the new launch market—potentially choosing to rent to avoid ABSD exposure—this effect is likely limited and secondary to broader rental cycle trends,” he said.

In the HDB rental market, prices remained flat month-on-month, although year-on-year figures indicate a 2.8% increase. The report suggests that a slowdown in supply, with fewer flats reaching their Minimum Occupation Period, has given landlords more pricing power. Rental volumes for HDB flats reached 2,720 in March, compared to 2,353 in February.

As the rental market continues to evolve, the demand dynamics and pricing trends will likely influence future rental strategies for both landlords and tenants.
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Singapore’s Non-Oil Domestic Exports (NODX) growth forecast for 2025 has been revised downward to -4.0% by UOB Global Economics and Markets Research.

This adjustment comes in response to a slowdown in March’s NODX growth to 5.4% year-on-year, down from 7.6% in February, despite favourable base effects. The electronics sector showed resilience with an 11.9% increase, driven by a significant surge in personal computer exports.

The revision reflects heightened trade policy uncertainty, which reached a historical high in March 2025. This uncertainty, as measured by the Trade Policy Uncertainty index, could lead to declines in investments and consumption. UOB noted that ongoing negotiations and potential reductions in tariffs might alleviate some tensions, but the impact of recent escalations has already been felt, with US consumer sentiment showing a slump.

Enterprise Singapore has acknowledged the evolving tariff situation, stating that it will adjust the 2025 NODX forecast as necessary. The current trade tensions echo the trade wars under the Trump administration, which saw NODX momentum plummet before recovering post the Phase One deal in January 2020.

UOB’s revised forecast anticipates intermittent back-to-back seasonally-adjusted sequential contractions, with risks skewed to the downside. The potential for further sector-specific tariffs, particularly in pharmaceuticals and semiconductors, adds to the uncertainty. The US has initiated investigations under the 1962 Trade Expansion Act, which could lead to additional tariffs on national security grounds.
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Two Singapore bars, Cat Bite Club and Manhattan, have been newly recognised by The Pinnacle Guide, a prestigious global system that honours the world’s best cocktail bars. Both establishments have been awarded 1 PIN, a mark of excellence, joining other renowned Singaporean bars like Origin, FURA, and ATLAS on this esteemed list.

The Pinnacle Guide, launched in May 2024, is rapidly becoming a symbol of excellence in the cocktail industry. It evaluates bars based on their drinks programme, staff welfare, and sustainability efforts, followed by anonymous reviews from a global network of industry experts. The recognition system aims to challenge the status quo by rewarding exemplary standards on both sides of the bar.

Globally, 31 bars have been newly recognised with PINs this year—25 with 1 PIN and six with 2 PINs. Notably, no bar has yet achieved the 3 PIN status, leaving Lyaness in London as the sole holder of this top accolade.

The addition of Cat Bite Club and Manhattan to The Pinnacle Guide’s list underscores Singapore’s growing reputation as a hub for world-class cocktail bars. With 85 bars now PINNED across 12 countries, The Pinnacle Guide continues to be a trusted resource for discerning drinkers worldwide. Bars can reapply every two years to retain or elevate their PINNED status, ensuring ongoing excellence and innovation in the industry.
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Singapore’s national election on 3 May marks Prime Minister Lawrence Wong’s first major electoral test amidst significant economic challenges.

According to Moody’s Analytics, the election occurs as Singapore navigates uncertainties from a US-China trade war that threatens the global trading system crucial to its economy since 1965.

Domestically, the ruling People’s Action Party (PAP) confronts issues such as high living costs, housing supply, and job security.

The Workers Party, the largest opposition, aligns with the PAP on addressing US tariffs and economic uncertainties but differs on extending social safety nets and job security for the domestic workforce. Pre-election polls suggest a strong likelihood of the PAP retaining power, though opposition parties might gain additional seats. However, political gridlock is unlikely, as most legislation can pass with a simple parliamentary majority.

Moody’s Analytics economist Heron Lim notes that the PAP will face an acute economic slowdown in 2025, necessitating stabilisation policies, especially if the economy contracts further in the second quarter. Lim emphasises that the most significant risk remains the potential escalation of the trade war, which could increase uncertainty and threaten investments and exports in Singapore.
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The Lee Kuan Yew Water Prize (LKYWP) 2026 has officially opened for nominations, inviting leaders in the water sector to propose candidates who have made significant contributions to solving global water issues. Named after Singapore’s founding Prime Minister, the prestigious biennial award celebrates individuals and organisations that have developed groundbreaking water technologies, programmes, and policies since its inception in 2008.

The LKYWP has honoured a diverse range of laureates whose innovations have transformed water management practices worldwide. Past winners include experts in wastewater-based epidemiology, membrane technology, and holistic water policies. These contributions have improved water sustainability and public health, impacting millions globally.

Presented in partnership with Temasek Foundation, the 2026 laureate will be announced in April 2026. The winner will receive $220,000 (S$300,000), a gold medallion, and a certificate during the 11th Singapore International Water Week, scheduled for 15 to 19 June 2026.

Nominations are open to leaders of international water companies, top academics, and distinguished individuals in the field. The process involves submitting a citation of the nominee’s achievements online by 11 July 2025. Shortlisted candidates will undergo a thorough evaluation by the Water Prize Nominating Committee, which will make recommendations to the Water Prize Council for the final decision.

The LKYWP continues to highlight the importance of innovative solutions in addressing water challenges, encouraging global collaboration and advancement in the field.
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