Industry News

The Singapore Department of Statistics has announced the release of the Singapore Standard Industrial Classification (SSIC) 2025, a comprehensive update to the nation’s industry categorisation system. This new classification aims to provide a more accurate reflection of the current economic landscape and facilitate better data collection and analysis.

The SSIC 2025 is designed to align with international standards, ensuring that Singapore’s economic data remains comparable on a global scale. This update is crucial for businesses, policymakers, and researchers who rely on accurate industry data for decision-making and strategic planning.

The revised classification includes changes that reflect the evolving nature of industries, particularly in areas such as technology and services. By incorporating these updates, the SSIC 2025 aims to capture the dynamic shifts in the economy, providing a clearer picture of Singapore’s industrial activities.

The release of the SSIC 2025 is part of Singapore’s ongoing efforts to maintain its status as a leading global business hub. By ensuring that industry classifications are up-to-date, the government aims to support economic growth and innovation.

For more detailed information on the changes and implications of the SSIC 2025, stakeholders are encouraged to refer to the full release available on the Singapore Department of Statistics website. This update is expected to have significant implications for data reporting and analysis across various sectors in Singapore.
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Fullerton Health Indonesia has inaugurated its first Executive Health Screening Centre (EHS) in Jakarta, marking the third such facility in the Fullerton Health Group’s portfolio across Asia. Located on the ground floor of Mandiri Inhealth Tower in Mega Kuningan, the 700-square metre centre offers a premium, customised health screening experience, eliminating unnecessary tests and examinations.

The centre provides three tiers of screening options, allowing customers to choose add-on tests based on their risk profile, lifestyle, and concerns. Available tests include ultrasounds, mammograms, X-rays, spirometry, hormone panels, and cancer marker panels. Each customer’s results are reviewed by a medical doctor, and higher-tier packages include consultations with a nutritionist and wellness services in weight management, physiotherapy, and mental health.

A concierge service is available to assist with follow-up appointments, including referrals within Fullerton Health’s network in Indonesia and Singapore. Future enhancements will include deploying nurses as health ambassadors to guide customers on post-screening steps.

Alain Durand, Managing Director of Fullerton Health Indonesia, stated, “Our centre offers those who prefer a more bespoke screening experience a service that is truly tailored to their needs and preferences.” Ho Kuen Loon, Group CEO, added, “With chronic diseases on the rise, it is more important than ever to provide seamless access to screening and care within and across borders.”

The centre also aims to support companies by offering wellness talks and events in a dedicated event space, appealing particularly to multinational corporations with employees accustomed to higher standards of care. Designed for comfort and privacy, the centre features eight health screening pods and four private suites, allowing for individual or small group screenings.
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YouTrip has unveiled its Malaysian Ringgit (MYR) wallet for users in Singapore, allowing them to exchange and store MYR at competitive rates without hidden fees. This launch aims to help travellers secure favourable exchange rates and manage currency volatility. The wallet’s introduction comes as YouTrip data shows users actively monitoring exchange rates up to two weeks before trips, particularly during peak travel periods like Hari Raya Puasa and Good Friday.

The MYR wallet launch is accompanied by a series of perks for frequent travellers to Malaysia. From 19 April to 11 May, YouTrip users can enjoy free shuttle bus rides from Kranji MRT Station to Mid Valley Southkey Mall in Johor Bahru every weekend. Additionally, the first 5,000 users who spend a minimum of S$200 will receive 3% cashback on all MYR transactions.

Kelvin Lam, Chief Operating Officer of YouTrip, stated, “We’re excited to offer our users greater control and flexibility with the ability to lock in MYR exchange rates through our in-app wallet. Launching this highly anticipated feature alongside complementary perks like the free bus rides and cashback was a deliberate decision to deliver even more value, convenience, and rewards to users.”

The company also revealed a creative augmented reality stunt featuring purple clouds over Johor Bahru, which gained viral attention online. This stunt was part of the promotional campaign for the new MYR wallet. With these initiatives, YouTrip continues to enhance the travel and spending experience for Singaporeans visiting Malaysia.
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Jones Lang LaSalle (JLL) has released its Singapore Market Dynamics report for the first quarter of 2025, offering a comprehensive overview of the performance across the country’s major real estate sectors. The report, published by JLL’s Research & Consultancy division, provides valuable insights into the office, residential, industrial, and retail markets.

The office sector report reveals significant trends and data, which can be accessed through JLL’s online platform. Similarly, the residential sector analysis provides an in-depth look at the current housing market dynamics. For those interested in the industrial sector, JLL offers a detailed examination of the latest developments and trends. The retail sector report completes the series, offering insights into consumer behaviour and retail space utilisation.

These reports are crucial for stakeholders looking to understand the evolving landscape of Singapore’s real estate market. JLL encourages interested parties to download the full reports from their website to gain a deeper understanding of each sector’s performance.

As Singapore continues to navigate its economic landscape in 2025, these insights from JLL will be instrumental in guiding investment and development decisions. The reports are expected to influence strategic planning and policy-making in the real estate industry, reflecting the dynamic nature of Singapore’s market.
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Sabana Industrial Real Estate Investment Trust (REIT) has reported a robust performance for the first quarter of 2025, achieving positive double-digit rental reversion. This success comes amid a challenging economic environment, as Singapore’s Ministry of Trade and Industry has downgraded the country’s growth forecast to between 0.0% and 2.0% due to global trade tensions and US-China tariff wars.

The REIT’s CEO, Donald Han, highlighted the resilience of their portfolio and the continued demand from tenants across diverse trade sectors. “Our operational performance underscores the REIT’s portfolio resilience and continued demand among our existing tenants,” Han stated. The REIT’s occupancy rate has improved significantly, rising from 78.8% in Q2 2024 to 86.4% in Q1 2025.

Looking forward, the REIT anticipates challenges due to economic uncertainties and potential US tariffs. However, the management is focused on optimising portfolio occupancy and stabilising service charges to attract and retain tenants. The successful implementation of solar initiatives is expected to yield cost savings, further supporting these efforts.

The REIT is also enhancing tenant engagement by initiating discussions 12 months before lease expiries, compared to the previous six to nine months. This proactive approach aims to maintain competitive rents and adapt to market changes effectively.

As Sabana Industrial REIT navigates these economic challenges, its strategic initiatives and strong performance in Q1 2025 position it well for the remainder of the year.
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Singapore Airlines (SIA) Group’s March 2025 operating results reveal a mixed performance, with a slight decline in passenger traffic and an increase in cargo carriage. The group’s passenger traffic fell by 0.8% compared to the previous year, attributed partly to the shift of the Easter holiday from March in 2024 to April in 2025. Despite this, passenger capacity rose by 2.7%, with the passenger load factor (PLF) at 84.7%, a decrease of 3 percentage points year-on-year.

The SIA Group, comprising Singapore Airlines and its low-cost subsidiary Scoot, carried a total of 3.3 million passengers in March 2025, marking a 0.8% increase from the previous year. Singapore Airlines recorded a PLF of 84.1%, whilst Scoot achieved a higher PLF of 87.2%. However, Scoot’s decision to suspend services to Berlin as part of a network review was noted during the month.

On the cargo front, the SIA Group experienced a 7.6% year-on-year increase in cargo carriage, driven by front-loading in anticipation of global trade uncertainties. This was particularly evident in the East Asia region, where load factors rose by 4.4 percentage points. However, weaker demand in the Americas and Europe limited the overall cargo load increase to 2.0%, below the 7.7% rise in capacity, resulting in a cargo load factor drop of 3.1 percentage points to 56.9%.

By the end of March 2025, the SIA Group’s passenger network spanned 128 destinations across 36 countries and territories, with Singapore Airlines serving 79 destinations and Scoot 71. The cargo network covered 132 destinations in 37 countries and territories.
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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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