Industry News

Singapore’s economy experienced a slowdown in the first quarter of 2025, with GDP growth declining to 3.8% year-on-year, down from 5.0% in the previous quarter, according to advance estimates released by the Ministry of Trade & Industry. This figure fell short of the Bloomberg consensus forecast of 4.5%, highlighting a deceleration in economic momentum.

The manufacturing sector, a significant contributor to the economy, saw its growth rate decrease from 7.4% to 5.0% year-on-year. The services sector, particularly retail trade, also faced challenges due to weakening external demand. Despite this, all major sectors, including wholesale and retail trade, and transportation and storage, recorded positive growth of 4.2% year-on-year.

“The intensifying trade tensions between the US and China — characterised by escalating tit-for-tat tariff measures — are expected to spill over more broadly into the global economy, especially given China’s pivotal role in global supply chains. MAS has echoed similar concerns in its latest policy statement, noting that the external environment remains highly uncertain,” according to CGS International’s Economic Update for Singapore.

In response to the dimming economic outlook, the Monetary Authority of Singapore (MAS) announced a reduction in the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band on 14 April 2025. This unexpected move reflects MAS’s concerns over the global growth outlook, exacerbated by recent tariff measures introduced by US President Trump, which are impacting Singapore’s export-dependent sectors.

The ongoing trade tensions between the US and China, marked by escalating tariffs, pose a significant threat to Singapore’s economy. The Singapore government has revised its GDP growth forecast for 2025 to a range of 0.0-2.0% year-on-year, down from the previous estimate of 1.0-3.0%.

The MAS has also adjusted its core inflation forecast to 0.5-1.0%, anticipating subdued inflationary pressures in the current economic climate. CGS International expects inflation to remain subdued at 1.7% through 2025.
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Singapore’s tech landscape is set to transform with the launch of BeyondX Living Lab and Incubation Space, a new innovation hub located at 21 Keppel Road. Supported by Enterprise Singapore, this initiative is part of the Smart Nation 2.0 plan, which focuses on trust, growth, and community. The hub, launched by Hustle & Innovate—a joint venture between ONG&ONG and Hustle & Bustle Group—aims to drive transformative change in the tech ecosystem.

The BeyondX hub is designed around three core pillars: the Living Lab for partnerships and development, the Incubator Space for growth, and the Centre of Excellence, which provides leadership and access to the tech industry, institutes of higher learning, and government agencies. It seeks to empower startups, SMEs, and corporations through collaborative platforms and stakeholder engagement, aligning with the Smart Nation 2.0 agenda.

Co-founders Ong Tze Boon of ONG&ONG and Michael Lee of H&B Group are committed to creating an ecosystem that integrates people, technology, and design. “We are deeply committed to creating an ecosystem that integrates people, technology, and design whilst shaping future-ready solutions for businesses and communities,” they stated.

BeyondX is also preparing for its global showcase, BeyondXpo, a premier symposium scheduled for 2 October 2025, where the latest technologies and ideas will be highlighted. The hub is actively seeking partnerships and stakeholders, offering opportunities for financial assistance during a three-year tenure within BeyondX.
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Christie’s International Real Estate Singapore has announced the exclusive listing of a rare freehold estate at 75 Goodman Road in District 15. The property, priced at $30.6m (S$42m), is open for expressions of interest until 8 May 2025. This six-bedroom estate, set on a 16,424 square feet plot with 10,000 square feet of built-up area, offers a unique opportunity in one of Singapore’s most sought-after residential enclaves.

Located just a 10-minute walk from Mountbatten and Katong Park MRT stations, the estate is ideally positioned near the vibrant Katong neighbourhood and key lifestyle destinations such as the Goodman Arts Centre and the Kallang Alive precinct. The area is set to become a bustling hub for recreation, thanks to the Kallang Alive Master Plan.

The property features expansive living spaces, including a master suite with a private balcony and study, grand entertainment areas with a dedicated bar and poolside patio, and a ground-floor suite with a separate entrance for guests or multi-generational living. The interiors, curated by Valternative, include luxury furnishings from Space Furniture and art installations by Revati Sharma Singh and Martin Prinz.

This listing comes amid rising demand for landed homes in Singapore, driven by generational wealth consolidation and the relocation of ultra-high-net-worth families. It is one of the first major listings from Christie’s International Real Estate Singapore since its launch last year, indicating a growing interest in East Coast properties among high-end buyers.

Expressions of interest close on 8 May 2025, with private viewings available by appointment.
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Singapore’s Changi Airport has once again been named the World’s Best Airport in 2025 by Skytrax, marking its 13th win. The airport also secured accolades for Best Airport in Asia, Best Airport Dining Experience, and World’s Best Airport Washrooms. This recognition highlights Changi’s commitment to offering more than just a transit point, with attractions like the Jewel Rain Vortex and Shiseido Forest Valley drawing travellers.

Changi’s success is part of a broader trend where airports are becoming destinations in their own right. According to Booking.com’s 2025 Travel Predictions, 44% of travellers in the Asia-Pacific region and 38% in Singapore are choosing holiday destinations based on airport facilities. Nearly 73% of Singaporean travellers seek unique experiences at terminals.

Other top airports include Qatar’s Hamad International Airport, which ranked second, and Tokyo’s Haneda Airport, which came third. Hamad International is noted for its sleek architecture and luxury shopping, whilst Haneda offers a blend of traditional Japanese aesthetics and modern convenience.

Incheon International Airport in Seoul, ranked fourth, provides cultural experiences like K-Culture Street and a digital gym. Hong Kong International Airport, ranked sixth, features an IMAX theatre and diverse amenities, appealing to 73% of Asia-Pacific travellers who value varied airport facilities.

These airports are redefining travel by offering unique experiences that encourage travellers to arrive early and enjoy their time before flights. As airports continue to innovate, the travel experience is set to become even more exciting and stress-free.
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Singapore’s economic growth is expected to decelerate to 2.0% in 2025, according to RHB Bank’s latest Global Economics and Market Strategy Report. The revision from the previous forecast of 2.8% reflects potential downside risks, with growth possibly dipping to between 0.5% and 1.0% if trade tensions escalate further.

The Monetary Authority of Singapore’s (MAS) recent decision to slightly reduce the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band is seen as a move towards a 0.5% appreciation, down from the prior 1.0%. Barnabas Gan, RHB’s Group Chief Economist and Head of Market Research, noted that MAS is likely to maintain its policy parameters throughout the year, with a possibility of easing in the second half of 2025.

In the first quarter of 2025, Singapore’s GDP expanded by 3.8% year-on-year, a slowdown from the 5.0% growth recorded in the fourth quarter of 2024. This performance fell short of Bloomberg’s consensus estimate of 4.5% and RHB’s own projection of 4.0%.

The report underscores the challenges facing Singapore’s economy amidst global uncertainties. The anticipated slowdown highlights the need for vigilance in monitoring trade developments and policy adjustments. As the year progresses, the economic landscape will be closely watched for any shifts that could impact growth trajectories.
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Ample Transfers, a Singapore-based remittance and money-changing service provider, has received in-principle approval from the Monetary Authority of Singapore (MAS) to expand its regulated payment services under the Payment Services Act 2019. This approval, announced on 14 April 2025, allows the company to work towards offering four additional services: account issuance, domestic money transfer, merchant acquisition, and e-money issuance, subject to MAS conditions.

Currently licensed for cross-border money transfer and money-changing services, Ample Transfers aims to enhance its digital payment solutions, thereby strengthening its community presence. The company recently launched Remitai, an appless chat-driven service, to complement its retail operations. CEO Matthew Yap stated, “This in-principle approval reflects the growth journey we’ve shared with the communities we serve.”

The approval positions Ample Transfers as a key player in bridging physical and digital remittance experiences in Singapore. The company is committed to financial inclusion, offering more convenient and secure money transfer options. The in-principle approval indicates MAS’s preliminary support, contingent on the fulfilment of specified conditions, and does not yet permit the provision of the new services. MAS reserves the right to rescind the approval if necessary.

Looking ahead, Ample Transfers plans to deepen its commitment to financial inclusion, providing enhanced services both online and over the counter.
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Kylie Jenner is set to expand her Kylie Cosmetics range with the launch of the Skin Tint Blurring Elixir in Singapore on 17 April. Available at Sephora ION Orchard and online, this new product promises a weightless, natural finish with light to medium coverage that lasts up to 12 hours. The elixir is formulated with Hyaluronic Acid to enhance skin hydration and is suitable for all skin types.

The Skin Tint Blurring Elixir, priced at $37 (SGD 50), comes in 20 shades, with the first 12 launching initially and the rest following on 13 May . Kylie Jenner expressed her enthusiasm, stating, “I’m so excited to finally share my Skin Tint Blurring Elixir with everyone – I’ve been developing it for years, and it’s been a secret staple in my makeup routine.”

Consumer tests have shown promising results, with all participants noting the product’s effortless blending and even skin tone enhancement. Additionally, Kylie Cosmetics will introduce the Skin Tint Brush 03, designed to complement the elixir, priced at $30 (S$40).

From 25 to 26 April 2025, Sephora ION Orchard will host a Kylie Cosmetics takeover, offering the first 50 visitors each day a personalised shade-matching session and a complimentary Kylie-themed coffee.

Kylie Cosmetics, launched in 2015, has become a significant player in the beauty industry, known for its innovative products and direct-to-consumer approach. The brand’s latest offering continues its tradition of combining quality with consumer appeal.
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CIMB’s InsureXpo 2025, held on 12 April at the Suntec Convention Centre, successfully concluded its second edition, drawing four times more attendees than last year. The event, themed “From Protection to Prosperity,” brought together industry experts from leading insurers such as Singlife, FWD, Income, and AIA, alongside community partners like the Central Provident Fund Board and the Singapore Police Force. The expo aimed to empower Singapore residents with the knowledge and tools to achieve financial independence.

Victor Lee, CEO of Growth Markets and Singapore at CIMB, highlighted the importance of financial literacy in his opening address. “We believe that financial literacy should be second nature to everyone,” he stated, emphasising CIMB’s commitment to supporting Singaporeans at every stage of their financial journey. The event also featured a panel discussion on keeping insurance premiums affordable amidst rising living costs and an ageing population, with insights from major insurers on leveraging digitalisation and insurtech.

A study released by CIMB Singapore revealed a generational divide in financial confidence, with 60% of respondents under 30 aiming for financial independence before 40. However, confidence in financial management was lower among older age groups. The findings underscore the need for tailored financial planning approaches.

InsureXpo 2025 provided a platform for Singaporeans to enhance their financial knowledge, with talks and discussions on topics like legacy planning and financial independence. The event’s success reflects a growing interest in financial literacy and planning among Singapore residents.
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The Monetary Authority of Singapore (MAS) is expected to adopt a zero percent appreciation stance in July 2025, following a slight easing in its April Monetary Policy Statement (MPS). According to UOB Global Economics and Markets Research, MAS announced a reduction in the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band by an estimated 50 basis points to 0.5% per annum. This move was anticipated by economists, although calls for a complete slope flattening did not materialise.

The decision comes amidst concerns over Singapore’s economic outlook, heavily influenced by US-China trade relations. The Ministry of Trade and Industry (MTI) has revised its full-year GDP growth forecast for 2025 to 0.0-2.0%, down from a previous estimate of 1.0-3.0%. UOB has also adjusted its growth forecast to 1.5%, citing potential downside risks. The resident unemployment rate is projected to rise to around 4.0% in 2025, up from an average of 2.8% in 2024.

UOB’s Associate Economist, Jester Koh, noted that the thresholds for a zero percent appreciation stance have likely been met, drawing parallels to the April 2016 episode when MAS assessed core inflation and economic activity levels. “A complete slope flattening this year is not a matter of if but when,” Koh stated, anticipating the move in the upcoming July MPS.

The April MPS highlighted significant concerns over recent tariff developments, with MAS lowering its 2025 core inflation forecast to 0.5-1.5%. The statement emphasised the potential negative impact on Singapore’s trade-related sectors and broader economy, with the output gap expected to turn negative this year.

As Singapore navigates these economic challenges, the potential shift in MAS’s policy stance underscores the ongoing uncertainties in global trade and their implications for the nation’s economic trajectory.
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Erin Nash, a former Hollywood visual effects supervisor, has launched Gwen’s Frozen Custard & Ices, Singapore’s first authentic American malt shop. Located in Joo Chiat, the shop offers a nostalgic taste of America with its retro-themed decor and menu featuring classic American dishes like Philly Cheesesteaks and New York Cheeseburgers, all made from scratch.

Nash, originally from Philadelphia, decided to open the shop to share his American heritage with his half-Singaporean daughter, Gwen. After a successful career in Hollywood, working on shows like Game of Thrones and Westworld, Nash moved to Singapore with his family during the COVID-19 pandemic. The birth of his daughter prompted him to leave his demanding career and focus on creating a legacy for her.

Gwen’s Frozen is not just about nostalgia; it aims to introduce Singaporeans to wholesome American cuisine. Nash’s recipes are crafted from years of experimentation, using locally sourced ingredients to replicate the authentic taste of American favourites. “Every recipe is my own take on tried-and-true American standards,” Nash explained.

The shop also offers unique desserts, including frozen custards and Philadelphia ices, made in-house without preservatives. The grand opening features a promotion of Buy-One-Get-One free on all ices until 31 May 2025, with additional offers during the opening weekend from 25 to 27 April.

Gwen’s Frozen promises a genuine American dining experience, complete with a 1950s-style malt shop atmosphere, providing a delightful culinary journey for Singaporeans.
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