Industry News

As Singapore gears up for the General Election 2025 (GE2025), political engagement is on the rise, with 76% of Singaporeans closely following local politics, according to a recent report by Blackbox. This marks an increase from 69% last year. However, a significant 30% of voters are still undecided, particularly in the North-East and West regions.

The report highlights that political interest is highest among seniors, with 81% engaged, whilst those under 30 have shown increased attentiveness, reaching 72%. Despite this heightened interest, the challenge for political parties remains in converting engagement into decisive support. Blackbox notes, “Engagement is no longer in question, but conviction is.”

Leadership approval ratings remain robust, with Prime Minister Lawrence Wong enjoying a 75% approval rating. Workers Party leader Pritam Singh has seen a resurgence in support, with his approval rating climbing to 71%, reflecting a positive reception to recent speeches and a fading of past controversies. The report suggests that GE2025 will not solely focus on leadership but will also be a test of presence, trust, and voter connection.

Economic concerns continue to dominate the political landscape, with the cost of living being the top issue across demographics. Housing affordability is a pressing concern for those aged 30–39, whilst jobs and wages remain critical for many. Although 88% of Singaporeans believe the country is heading in the right direction, and 56% expect personal improvements in the coming year, day-to-day economic pressures persist. Blackbox emphasises that “the party that best addresses the everyday squeeze” will likely gain an advantage in the upcoming election.
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Metroline, a leading UK bus operator, has announced the deployment of its AI-powered service control software, FlowOS Live, across its entire London operations. ComfortDelGro, Metroline’s parent company, also plans to explore AI implementation in its bus operations in Singapore and Australia.

This pioneering move is set to save passengers up to 2,000 hours of waiting time daily across more than 700,000 journeys in the UK. The software, developed by Prospective.io, aims to enhance service reliability, reduce overcrowding during peak hours, and provide more predictable driver shifts.

Following a successful trial at Metroline’s Edgware garage, where the software significantly reduced Excess Waiting Time (EWT), Metroline has signed a licence agreement to implement FlowOS Live across all its London garages. The system predicts vehicle progress and simulates adjustments to improve service reliability and punctuality. Sean O’Shea, CEO of Metroline London, stated, “Embedding the AI-assisted software in our daily operations will support our vision to deliver safe, reliable, and sustainable transport to our communities.”

The software also automates administrative tasks for control room teams, allowing them to focus on improving service delivery. Pete Ferguson, CEO of Prospective.io, highlighted the importance of Metroline’s feedback in refining the system, ensuring its practical effectiveness.

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A record-breaking 162 new executive condominiums (ECs) were sold for at least S$2m in March 2025, according to the latest data from the Urban Redevelopment Authority (URA). This surge in high-value transactions comes despite a general slowdown in new home sales, which saw a 54.4% drop to 729 units, excluding ECs, from February’s figures.

Including ECs, the total number of new home sales fell slightly by 7.1% from 1,626 units in February to 1,510 units in March. However, compared to March 2024, sales excluding ECs rose by 1.5%.

The majority of the high-value EC transactions were concentrated in three projects: Aurelle of Tampines, Lumina Grand, and Altura. Aurelle of Tampines alone accounted for 148 of the 162 transactions. The highest price per square foot (psf) reached S$1,879 for a 926 sq ft unit, whilst the priciest EC was a 1,356 sq ft unit at Aurelle of Tampines, sold for S$2.48m.

New launches in March were led by the 760-unit Aurelle of Tampines and the 477-unit Lentor Central Residences. Aurelle of Tampines was particularly successful, selling nearly 93% of its units. The project’s appeal lies in its proximity to amenities and transport links, including the upcoming Tampines North MRT station.

Sales in March, excluding ECs, were dominated by the Outside of Central Region (OCR), which accounted for 81.8% of transactions. The Rest of Central Region (RCR) and Core Central Region (CCR) followed with 11.9% and 6.3%, respectively.

Looking ahead, new tariffs on Singaporean imports to the US could impact the economy, potentially affecting homebuyer confidence. However, upcoming project launches, such as One Marina Gardens and The Robertson Opus, may sustain buying interest.
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Singapore’s property market experienced a notable decline in March 2025, with developer sales dropping by 54.4% compared to January, according to Knight Frank Singapore. The Executive Condominium (EC) Aurelle of Tampines emerged as the top seller, with all 705 units sold, reflecting strong demand from new family formations and upgraders.

The overall demand for private homes, which began in the final quarter of 2024, continued into the first quarter of 2025, with 729 developer sales recorded in March. The new project Lentor Central Residences also saw brisk sales, with 460 units sold. Leonard Tay, Head of Research at Knight Frank Singapore, attributed the sustained buyer sentiment to more favourable interest rates, which encouraged homebuyers to transition from a cautious stance to making purchases.

However, the ongoing global trade tensions, particularly the US-China tariff war under the Trump administration, pose a threat to the market’s resilience. The tariffs are expected to impact Singapore’s export-reliant economy, potentially affecting the manufacturing, electronics, and logistics sectors. Tay noted that the immediate impact on the real estate market could mirror previous economic crises, with potential delays and a decrease in transaction volumes as buyers adopt a wait-and-see approach.

Despite the uncertainty, domestic demand may remain supported if unemployment stays low and household balance sheets remain strong. However, should a recession occur, accompanied by job losses and pay cuts, potential homebuyers may retreat to focus on essential needs. The situation remains fluid, with future developments likely to influence market dynamics.
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ETC has announced the collective sale of the MacPherson Industrial Complex, an 8-storey freehold industrial property located at 5 Lorong Bakar Batu in Singapore’s MacPherson industrial estate. The tender for this prime property will close on 22 May 2025 at 3pm.

The complex, situated on a 4,590.3 sq m plot, is zoned for “Business 1” use under the URA Master Plan 2019, with a plot ratio of 2.5. It can be redeveloped up to its existing gross floor area of 11,613.07 sq m, reflecting a plot ratio of 2.53. The property offers potential for both redevelopment and adaptive reuse, making it an attractive option for investors and end-users seeking to optimise time and capital.

The asking price for the MacPherson Industrial Complex is S$88.8m, equating to a land rate of S$710 per sq ft per plot ratio. Notably, the sale is open to foreign buyers without restrictions, and no Additional Buyer Stamp Duty is applicable.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the site’s strong potential due to its city-fringe location, wide road frontage, and freehold tenure. “Given the tightening supply of quality freehold industrial assets and robust interest in city-fringe sites, we expect strong demand for this property,” she stated.

The site is conveniently located near major expressways and is approximately 600 metres from Potong Pasir MRT Station, offering easy access to lifestyle and dining amenities. Recent successful sales by ETC, such as 50 Playfair Road and GS Building, underscore the continued demand for well-located industrial sites.
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Singapore’s new home sales experienced a significant decline in March 2025, with a 54.4% drop from February’s figures, according to CBRE Research. The month saw 729 units sold, down from 1,597 in February, despite a slight year-on-year increase from 718 units in March 2024. The decrease is attributed to fewer launches, with only 555 new units introduced compared to February’s 1,694.

The top-selling project in March was the executive condominium (EC) Aurelle of Tampines, which sold 705 units at a median price of $1,769 per square foot (psf). This project benefitted from its strategic location near transport hubs and amenities. Lentor Central Residences, a new private launch, followed closely, selling 460 of its 477 units at a median price of $2,213 psf, despite concerns of oversupply in the Lentor area.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that the strong performance of these projects was driven by attractive pricing and strategic locations. The Outside Central Region (OCR) dominated sales, contributing 81.8% of March’s new home sales.

Looking ahead, CBRE Research anticipates a stable market in April, with two major launches expected. However, the focus will shift to the Core Central Region (CCR), where higher price points may affect sales volumes. The full-year forecast for new home sales remains at 7,000 to 8,000 units, indicating a potential slowdown in the coming quarters. Private residential prices are expected to rise by 3-4% in 2025, although economic uncertainties may pose risks.
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Singapore’s real estate investment market experienced a slowdown in the first quarter of 2025, with total investment sales plummeting to $4.25b (S$5.80b). This marks a significant drop from the previous year, as reported by Savills Singapore. The residential sector, however, remained a strong performer, contributing 64.9% to the total investment value, driven by five private residential land parcels awarded under the Government Land Sales (GLS) Programme.

The commercial sector also showed resilience, closing Q1 2025 with $1.09b (S$1.49b) in investment sales, a 54.2% increase quarter-on-quarter (QoQ). This growth was largely attributed to the billion-dollar deal involving Northpoint City South Wing. Meanwhile, the hospitality sector recorded $243.8m (S$332.8m) in investment sales from three deals, marking a 26.5% increase compared to the previous quarter.

However, the industrial sector faced a sharp decline, with investment sales dropping to $154.5m (S$211.2m), reflecting a 90.3% decrease QoQ and a 47.3% year-on-year (YoY) decline.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “The stance adopted by different countries as they play the tariff game with the US is creating uncertainties for our real estate investment sales market.”

Looking ahead, the potential removal of tariffs on US imports could impact the market’s medium to long-term outlook. Savills has adjusted its forecast for 2025’s investment sales value from $16.87b (S$23b) to $14.68b (S$20b), citing a likely negative bias. Despite the current challenges, the residential and commercial sectors continue to show promising growth.

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Singapore’s property market experienced a notable decline in March 2025, with developers selling 729 units, marking a 54.4% decrease from the previous month. This drop is attributed to the absence of a mega launch, following the significant release of PARKTOWN Residence in February 2025.

Despite the overall dip, two major projects, Aurea and Lentor Central Residences, were launched in March. Lentor Central Residences emerged as the best-selling private residential project by percentage terms, with 460 units sold, representing 96.4% of its total offerings. Aurea, located along Nicoll Highway, sold 24 out of 78 units, aligning with past launches in the Core Central Region (CCR).

Huttons Data Analytics estimates that developer sales, excluding executive condominiums (ECs), reached approximately 3,400 units in the first quarter of 2025. This figure is the highest for a first quarter since 2021 and closely matches the 3,420 units sold in the fourth quarter of 2024.

The Outside Central Region (OCR) dominated sales in March, accounting for over 80% of transactions. The Rest of Central Region (RCR) and CCR contributed 11.9% and 6.3%, respectively. Notably, more than 60% of units sold at Lentor Central Residences were priced at $2 million or below, appealing to first-time buyers and HDB upgraders.

Looking ahead, April 2025 is expected to see sales between 500 and 600 units, with no delays anticipated in project launches for the remainder of the year. Developers plan to introduce 17 projects, including one EC, from May to the fourth quarter of 2025, totalling 7,470 units. Prices are forecasted to grow between 4% and 7% in 2025, driven by rising construction costs and major infrastructure projects.

NetSuite has announced a series of AI-driven innovations at SuiteConnect Singapore 2025, aimed at enhancing productivity and decision-making for businesses across Southeast Asia. The event highlighted success stories from companies like Oceanus Group and Carousell, which have leveraged NetSuite to streamline operations and drive growth.

Oceanus Group, a leading food security company, has adopted Oracle NetSuite to improve operational efficiency and support its digital transformation. By replacing legacy systems, Oceanus has enhanced financial processes and decision-making across its 36 subsidiaries in 12 markets. Carousell, a prominent recommerce platform, has also benefited from NetSuite’s scalable processes, improving reporting and decision-making across seven markets.

NetSuite’s new AI-powered features include Text Enhance, Prompt Studio, and SuiteScript API integration, designed to improve productivity and reduce errors. These tools, embedded at no extra cost, aim to empower businesses to work smarter and scale efficiently. Additionally, NetSuite has introduced Enterprise Performance Management (EPM) in Singapore, offering integrated solutions to automate financial planning and reporting processes.

The launch of NetSuite Analytics Warehouse in Singapore further supports businesses by simplifying data management and accelerating decision-making through AI-powered tools. This solution centralises data, automates analysis, and provides actionable insights, helping businesses innovate and expand faster.

These innovations underscore NetSuite’s commitment to supporting business growth and transformation in the region. As businesses in Singapore, the Philippines, and Malaysia adopt these tools, they are expected to see improved efficiency, customer satisfaction, and profitability.
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Vietjet is offering up to 50% off Eco-class fares on all Singapore-Vietnam routes for bookings made by 18 April 2025, in celebration of Vietnam’s Reunification Day. The promotion, which excludes taxes and fees, is valid for travel from 28 April to 30 November 2025, excluding public holidays. Travellers can avail themselves of this offer by using the promo code VJ50 when booking through Vietjet’s website or mobile app.

In addition to the fare discounts, Vietjet is awarding 1,000 SkyPoints to new SkyJoy members who book flights on its new international routes by 30 June 2025. These points can be redeemed for rewards from over 250 brands in Vietnam.

The airline has announced 10 new international routes in 2025, including a direct service between Singapore and Phu Quoc starting 30 May. This new route will operate four round-trip flights per week, increasing Vietjet’s total weekly flights between Singapore and Vietnam to 78.

Vietnam’s appeal as a travel destination continues to grow, with its stunning landscapes, rich cultural heritage, and renowned cuisine attracting global travellers. Vietjet’s expanding network makes it easier for tourists to explore Vietnam’s diverse offerings, from the beaches of Da Nang and Phu Quoc to the historic sites of Ha Long Bay and Hoi An.

With a modern fleet and professional service, Vietjet aims to provide safe and enjoyable journeys. Passengers can enjoy Vietnamese dishes and artistic performances onboard, enhancing their travel experience. The airline’s commitment to safety and customer satisfaction has earned it numerous accolades, including a 7-star safety rating from airlineratings.com.
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