Industry News

Singapore is considering the development of a new Meetings, Incentives, Conferences, and Exhibitions (MICE) hub in the Orchard area, according to a recent report. The Orchard HPL redevelopment site is a strong contender for this initiative, which is part of the Singapore Tourism Board’s (STB) strategy to increase MICE tourist receipts to 10% by 2040. This move is expected to attract more short-stay business travellers, who currently make up about 37% of the inbound market.

The potential transformation of the Orchard area could see older hotels, such as Orchard Hotel and Orchard Rendezvous Hotel, rejuvenated under the Strategic Development Incentive scheme. This initiative aims to revitalise the hospitality sector, which is poised to benefit from upcoming events like the Lady Gaga concert in May 2025, expected to stabilise hotel occupancy rates.

Singapore Real Estate Investment Trusts (S-REITs) are also showing promising returns, trading at forward yields of 6.7%. Notably, CapitaLand Ascott Trust (CLAS), CDL Hospitality Trusts (CDLHT), and Far East Hospitality Trust (FEHT) offer yields of approximately 7% or higher. The report highlights that historically, investors who bought at 0.8 times price-to-book ratios have seen positive returns within a year.

As macroeconomic uncertainties persist, investors are likely to adopt a conservative approach, favouring retail, industrial, and office sectors over hotels. However, the report suggests that value investors could find opportunities in Mapletree Pan Asia Commercial Trust (MPACT), FEHT, Sasseur REIT, and Frasers Logistics & Commercial Trust (FLT).

In summary, Singapore’s plans to develop a new MICE hub in Orchard could significantly boost the hospitality sector, whilst S-REITs continue to offer attractive investment opportunities amidst economic uncertainties.
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Hey Chips, a leading clean snack brand in Singapore, has launched Hey Fruit Bites, the country’s first clean-label fruit bites snack. This innovative product, made from freshly fermented yoghurt and real fruits, offers a healthier alternative to the ultra-processed snacks currently dominating the market. The founders, Emily and Hayden, were inspired to create Hey Fruit Bites after struggling to find genuinely clean snacks for their baby.

Hey Fruit Bites is crafted with 60% fresh yoghurt, fermented in-house, and 40% real fruit slices. The snack is freeze-dried at 30ºC to retain up to 97% of its nutrients, providing a crunchy texture with probiotics and superfood benefits. “In a market flooded with overly processed snacks, we saw a gap for something clean and enjoyable,” said Emily, one of the founders. The snack is designed to appeal to all ages, from babies to adults, and is perfect for various occasions, including office pantries, school bags, and outdoor adventures.

Available in four flavours—Strawberry, Mixed Berry, Mango Banana, and Mango Passion—Hey Fruit Bites can be purchased at Cold Storage, CS Fresh, and online platforms across Singapore. Founded in 2018, Hey Chips has gained recognition for its quality snacks, free from added sugar, chemicals, and artificial flavourings, earning seven UK Great Taste Awards. The founders, former architect Emily and engineer Hayden, are committed to changing the way food is manufactured, promoting clean eating and outdoor living.
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Mercedes-Benz Singapore has unveiled its latest line-up of electric commercial vehicles, the eCitan, eVito, and eSprinter, aimed at transforming urban logistics and commercial transport. These vehicles, launched on 16 April, are designed to meet the diverse needs of businesses with a focus on efficiency, technology, and safety.

Marcel Luis Mustelier Perez, President and CEO of Mercedes-Benz Singapore, highlighted the company’s commitment to electric mobility, stating, “Our newly expanded line-up of fully electric commercial vehicles demonstrates Mercedes-Benz’s commitment to accelerating electric mobility in Singapore.” The vehicles offer a comprehensive solution tailored to business needs, including vehicle customisation, advanced safety features, and robust aftersales support.

The new models promise a smooth driving experience with carbon-neutral emissions, making them suitable for everyday use in urban settings. The eCitan is priced at $144,988, the eVito at $163,988, and the eSprinter at $213,888, with prices subject to change based on prevailing COE.

These electric vehicles are expected to set new standards in the industry, providing businesses with reliable and sustainable transport options. As Mercedes-Benz continues to innovate, the introduction of these models marks a significant step towards a more sustainable future in commercial transport.
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The Singapore Fashion Council (SFC) and ASN Media have launched the second season of the acclaimed “Fashion Futures” series, set to premiere on 25 September 2025 during the SFC Be the Change Summit. This season aims to delve deeper into the evolving fashion industry, focusing on sustainability, innovation, and the future of fashion across Southeast Asia.

Building on the success of its inaugural season, the series will provide insights into sustainable consumption, technological advancements, and the changing retail environment. It will feature documentary-style content that offers access to industry leaders and emerging trends.

Key themes for Season Two include:

– **Materials & Textile Innovation**: Exploring advancements in sustainable materials and textile technologies.
– **Circular Economy & Sustainability**: Highlighting efforts to reduce waste and promote recycling within the industry.
– **Digitalisation**: Examining the impact of digital tools on retail experiences and industry efficiency.
– **Talent & Skills**: Showcasing initiatives to help the fashion workforce adapt to industry changes.

Ting-Ting Zhang, CEO of the Singapore Fashion Council, emphasised the importance of the series, stating, “Season Two of Fashion Futures represents a crucial step in our ongoing commitment to driving positive change in the fashion industry.” Jonathan Love, Director of ASN Media, added, “We are thrilled to bring back Fashion Futures for its second season, diving into the most pressing topics in the industry.”

The series aims to inspire the next generation of industry leaders and foster a more responsible fashion ecosystem in Southeast Asia.
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Singapore-based Antom and Adobe have announced a strategic partnership aimed at enhancing digital creativity through seamless payment access for Adobe’s customers across Asia. This collaboration will introduce an optimised payment experience and tailored digital marketing offerings, significantly expanding Adobe’s reach in the region.

The partnership will see Adobe integrating Antom’s unified payment solutions, allowing customers to select their preferred payment methods at checkout. Matt Wegner, Vice President of Global Payments at Adobe, expressed enthusiasm about the partnership, stating, “As our base of customers in Asia fast expands, we’re excited to announce our partnership with Antom to integrate localised payment options for our customers and unlock new growth opportunities.”

Initially, eight alternative payment options will be rolled out in key Asian markets, including AlipayHK in Hong Kong, DANA in Indonesia, and GCash in the Philippines. This move is expected to optimise transaction flows, increase conversion rates, and ensure secure and cost-effective payment settlements.

Gary Liu, General Manager of Antom, highlighted the synergy between the two companies, noting, “We aim to make Adobe’s advanced tools more accessible to a broader customer base in high-growth markets.”

Beyond payments, Adobe and Antom will explore AI-powered promotions through Antom’s A+ Rewards platform, enhancing user engagement and customer acquisition. This partnership is set to empower creative professionals, businesses, and educational institutions by providing greater flexibility and accessibility to Adobe’s products, tailored to the evolving needs of the Asian market.
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The Monetary Authority of Singapore (MAS) has once again eased its monetary policy in response to a dimming global growth outlook and a benign core inflation forecast. This decision coincides with the Ministry of Trade and Industry (MTI) revising Singapore’s GDP growth forecast for 2025 downwards to a range of 0% to 2%, a shift from the previous 1% to 3% estimate. The MAS anticipates core inflation to remain below 2%, with risks skewed towards the downside.

The decision by MAS reflects growing concerns over global trade headwinds, which are expected to impact Singapore’s export-driven sectors. The easing of monetary policy aims to support the economy amidst these challenges. “The risks to inflation are tilted towards the downside,” the MAS noted, highlighting the subdued inflationary pressures.

In contrast, China’s economic outlook appears more optimistic. According to a report by Maybank IBG Research, China’s exports surged by 12.4% in March, driven by supply chain diversification efforts. This rebound is expected to contribute to a 4.2% GDP growth in 2025. The diversification strategy has seen multinational corporations like Apple shifting production bases to countries such as India and ASEAN nations, including Thailand, Indonesia, and Vietnam, which have experienced significant increases in Chinese intermediate goods inflows.

The contrasting economic forecasts for Singapore and China underscore the varied impacts of global economic shifts on different regions. As Singapore grapples with external challenges, China’s strategic diversification efforts offer a path to sustained growth. The implications of these developments will likely influence regional economic strategies in the coming years.
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The Straits Times Index (STI) experienced a 4.5% rebound over five sessions ending 15 April, following a 12.7% decline in the preceding six sessions. This recovery reduced the month-to-date total return decline to 8.4%. Key contributors to the STI’s performance included SGX, YZJ Shipbuilding, ST Engineering, Singtel, and Seatrium, which were among the top eight stocks for net institutional buying during this period.

Institutions continued to net sell STI banks, resulting in a net outflow of $106.5 million (S$145.5 million). However, they were net buyers across the rest of the stock market, leading to a net inflow of $97.2 million (S$133 million). The telecommunications sector, in particular, saw the highest net institutional inflow, with Singtel, NetLink NBN Trust, and Starhub ranking among the 30 most net bought stocks.

Singtel’s stock reached $2.67 (S$3.65) in early trading on 16 April, marking its highest level since January 2017. This follows Singtel’s report in February of an 11% increase in underlying net profit after tax (NPAT), driven by strong performances from Optus and NCS, as well as higher contributions from India and Thailand. The company is approaching the one-year anniversary of its ST28 growth plan.

The telecommunications sector recorded a net institutional inflow of $96.8 million (S$132.5 million) over the past five sessions and $377.8 million (S$517.5 million) year-to-date. This highlights the sector’s strong appeal to institutional investors amidst the broader market fluctuations. As the STI continues to recover, the focus remains on how these trends will evolve in the coming months.
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CGS International has released its latest equity research report, highlighting significant changes in recommendations and target prices for various companies across the Asia Pacific region. Notably, Breville Group has been upgraded from ‘Sell’ to ‘Hold’, with a revised target price of AUD28.50, reflecting a more optimistic outlook as of 15 April. Meanwhile, ISOTeam Ltd is expected to benefit from the introduction of autonomous painting drones, maintaining an ‘Add’ recommendation with a target price of SGD0.096.

The report also details target price adjustments for several companies. Brazilian Rare Earths Limited has seen its target price rise to AUD4.45, driven by a bauxite deal that is expected to unlock hidden value. In contrast, CATL’s target price has been adjusted to CNY301.00, with the company remaining positive on its European prospects despite limited impact from US tariffs.

In Hong Kong, Huitongda is anticipated to experience a business turnaround in the fiscal year 2025, with a revised target price of HKD15.20. Medy-Tox in South Korea is showing signs of recovery, leading to an increased target price of KRW210,000.00. However, Shinsegae International continues to face a challenging operating climate, resulting in a lowered target price of KRW10,000.00.

Sector notes include a positive outlook for Chinese banks, with an ‘Overweight’ recommendation, suggesting investors should focus on eastern markets. Additionally, Alibaba Group’s cloud revenue is projected to grow, maintaining an ‘Add’ recommendation with a target price of HKD170.00.

These updates reflect CGS International’s ongoing analysis of market dynamics and company performance, providing investors with insights into potential opportunities and risks.
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New private home sales in Singapore saw a significant drop in March 2025, with developers selling 729 units, excluding executive condominiums (ECs), marking a 54.4% decrease from February’s 1,597 units. The decline is attributed to the lack of major condominium launches and uncertainties surrounding US tariffs, which may affect buyer sentiment.

The month witnessed a stronger performance in the EC segment, particularly with the Aurelle of Tampines EC, which sold 705 out of its 760 units. This project was one of three new launches in March, alongside Lentor Central Residences and Aurea. Lentor Central Residences alone accounted for 63% of the month’s total developer sales, highlighting the continued demand for mass-market homes.

In terms of regional performance, the Outside Central Region (OCR) led the sales with 596 units sold, though this was a sharp decline from February’s 1,469 units. Lentor Central Residences was the top-selling project in the OCR, moving 460 units at a median price of $2,213 per square foot (psf). Meanwhile, the Rest of Central Region (RCR) saw its lowest sales in three months, with 87 units sold, whilst the Core Central Region (CCR) experienced a 64% increase in sales, driven by the Aurea project.

Wong Siew Ying, Head of Research & Content at PropNex Realty, noted that the slower sales were primarily due to the absence of large-scale project launches. Despite the market uncertainties, Wong remains optimistic about the resilience of private housing demand, citing strong financial holding power among homeowners and developers, as well as stabilising macroprudential measures.

Looking ahead, PropNex projects that new home sales could reach between 8,000 and 9,000 units in 2025, supported by a robust pipeline of new launches. Additionally, private home prices are expected to rise by 3% to 4% this year, driven by upcoming projects in the CCR and RCR.
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As Singapore gears up for the General Election 2025 (GE2025), a recent survey by Blackbox reveals a significant surge in political interest among Singaporeans. Currently, 76% of the population is closely following local politics, marking an increase from 69% last year. This heightened engagement is most pronounced among seniors, with 81% showing interest, whilst those under 30 have also seen a rise to 72%.

Despite this growing attentiveness, a notable 30% of voters remain undecided about their choice, with uncertainty particularly prevalent in the North-East and West regions. This indicates that whilst political engagement is high, voter conviction is still in flux. The coming weeks will be crucial for political parties to refine their strategies and connect with the electorate.

Leadership approval ratings remain robust, with Prime Minister Lawrence Wong enjoying a 75% approval rating. Meanwhile, Workers’ Party leader Pritam Singh has seen his approval rise to 71%, up seven points from the previous quarter. This suggests that his recent speeches have resonated well with the public, overshadowing past controversies. Political activity has increased in neighbourhoods, with the People’s Action Party (PAP) more visible in the East and North, whilst the Opposition gains ground in the North-East.

The cost of living continues to dominate voters’ concerns, cutting across all demographics. Housing affordability is a pressing issue for those aged 30–39, whilst jobs and wages remain core concerns. Although 88% believe Singapore is heading in the right direction and 56% expect personal improvements over the next year, economic pressures persist. The party that effectively addresses these everyday concerns, particularly for the middle class, is likely to gain an advantage in the upcoming election.
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