Industry News

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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Singapore Airlines (SIA) has announced a significant investment of $33m to transform its SilverKris and KrisFlyer Gold lounges at Singapore Changi Airport Terminal 2. The renovation project, set to commence on 15 April 2025, aims to elevate the customer experience at the airline’s main hub, with completion expected by mid-2027.

The revamped lounges will feature a 50% increase in space and seating capacity, incorporating upgraded facilities and signature elements from SIA’s flagship lounges at Terminal 3. An enhanced variety of food and beverage options will also be introduced. Yeoh Phee Teik, Senior Vice President Customer Experience at Singapore Airlines, stated, “This significant investment underscores Singapore Airlines’ unwavering commitment to elevating the end-to-end travel experience for our customers.”

The First Class SilverKris Lounge will offer a spacious area with higher ceilings and floor-to-ceiling windows, alongside a premium bar experience with barista services in the morning. Live cooking stations will serve a diverse range of Singaporean, Asian, and Western dishes, complemented by an expanded self-service buffet.

The Business Class SilverKris Lounge will expand by 30%, featuring a quiet rest area with recliners and a redesigned living room area with various seating options. The KrisFlyer Gold Lounge will double its capacity, providing new amenities such as in-lounge restrooms and shower suites.

Renovations will be phased to minimise disruption, with the First Class SilverKris Lounge expected to be completed by the fourth quarter of 2025. The Business Class SilverKris Lounge and KrisFlyer Gold Lounge will follow, with construction starting in late 2025 and early 2026, respectively.
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United Overseas Bank (UOB) has announced a significant enhancement to its Sustainable Financing Frameworks by incorporating the Singapore-Asia Taxonomy, a move aimed at bolstering support for small- and medium-sized enterprises (SMEs) in sectoral value chains. This initiative, unveiled on 15 April 2025, is designed to streamline SMEs’ access to sustainable financing, aligning their practices with global standards tailored to regional needs.

UOB stands as the sole Singaporean bank to integrate the Monetary Authority of Singapore’s Technical Screening Criteria into its six sector-focused frameworks, which include Circular Economy, Green Buildings, Sustainable Cities, Sustainable Food and Agribusiness, Sustainable Trade, and Transition Finance. These frameworks have been independently validated by ERM, ensuring their credibility.

The bank’s approach ensures that sustainable financing remains accessible, particularly for SMEs, by adopting a risk-based, differentiated assessment model. This model requires entities seeking significant financing to demonstrate compliance with specific criteria, whilst those with lower risk profiles follow an attestation-based approach.

UOB has also expanded its Transition Finance Framework to support the oil, gas, and chemicals sectors in transitioning to lower-carbon solutions, referencing global best practices such as the EU Taxonomy and the Climate Bonds Initiative Taxonomy.

Lim Lay Wah, Group Head of Sector Solutions at UOB, emphasised the bank’s commitment to balancing environmental integrity with economic growth, stating, “By enhancing our Sustainable Financing Frameworks, we deepen our impact, fostering a just transition where no business is left behind.”

In 2024, UOB provided $42.5 billion (S$58 billion) in sustainable financing, supporting 580 SMEs and facilitating $5.1 billion (S$7 billion) in sustainable trade financing, underscoring its proactive role in advancing ASEAN’s green economy.
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Rajah & Tann Singapore is set to present “An Odyssey of Humanity and Nature,” a concert celebrating the bond between humanity and nature, at Victoria Concert Hall on 16 April 2025. The event, in honour of International Mother Earth Day, will feature a performance of Schumann’s Piano Concerto in A Minor by Cynthia Goh, a partner at Rajah & Tann, with Deputy Prime Minister Heng Swee Keat as the Guest of Honour.

The concert will welcome ambassadors from Chile, Japan, the Philippines, and Vietnam, adding an international dimension to the cultural celebration. Cynthia Goh will perform alongside the Musicians’ Initiative orchestra, bringing to life Schumann’s romantic masterpiece known for its emotional depth and intricate interplay between piano and orchestra.

In addition to Schumann’s concerto, the programme includes Richard Strauss’ Also Sprach Zarathustra, famously known as the opening theme of Stanley Kubrick’s film “Space Odyssey.” During this piece, artist Barry Yeow will perform a live painting, merging music and visual art.

Rajah & Tann, through its philanthropic arm, the Rajah & Tann Foundation, is partnering with Bethesda Care Services and the Lions Club to invite seniors and youths to the concert, promoting inclusivity and community spirit. Managing Partner Ng Kim Beng stated, “This concert not only highlights the exceptional talent of our partner Cynthia Goh but also underscores our dedication to making the arts accessible to all.”

Tickets for the concert are available online, with a promotional discount for friends of Rajah & Tann.
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The Institute of Singapore Chartered Accountants (ISCA) has unveiled a new branding video campaign, “Changing Perspectives,” to promote the accountancy profession amidst a transforming business ecosystem. Launched in conjunction with SG60, the campaign celebrates the accountancy sector’s contributions to Singapore’s economy over the past 60 years and aims to attract new talent by dispelling myths about the profession.

Produced in collaboration with branding agency ABrandADay, the video highlights the diverse roles accountants play in shaping the future business landscape. It features notable figures such as Willie Cheng, former Managing Partner of Accenture, and Kon Yin Tong, Managing Partner of Foo Kon Tan LLP, showcasing the profession’s evolution and its impact on Singapore’s economic success.

The video was launched at an exclusive screening event attended by over 160 guests, including government representatives, corporate leaders, and students. Chaly Mah, Co-Chair of the Accountancy Workforce Review Committee (AWRC), emphasised the profession’s strategic importance, stating, “Accountancy is more than crunching numbers—it shapes business strategy, drives sustainability, and builds trust in markets.”

Minister Indranee Rajah praised ISCA’s initiative, noting the profession’s role as a “cornerstone of trust, transparency, and transformation” in Singapore’s growth as a global business hub. ISCA President Teo Ser Luck highlighted the campaign’s goal to inspire young professionals, showcasing accountancy as a “fulfilling and forward-looking career path.”

The ISCA, established in 1963, is Singapore’s national accountancy body, representing over 39,000 members worldwide. The organisation continues to advocate for the profession’s advancement, leveraging its regional expertise and global networks.
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