Industry News

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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Singapore welcomed its first co-living hotel housed within a decommissioned MRT train carriage, opening at JTC’s LaunchPad in one-north on 11 April 2025. Created by Tiny Pod, Train Pod @ one-north provides a distinctive accommodation experience for urban explorers, train enthusiasts, and professionals, combining the charm of a train journey with modern amenities.

The original interior of the train has been preserved, and guests can enjoy real-life footage of the train’s past journeys, offering a nostalgic glimpse into its history.

The innovative concept adds to LaunchPad’s ecosystem, which supports start-ups in testing and developing new solutions. Train Pod is equipped with digital technology to facilitate automated check-in and stay, enhancing the convenience for its guests. This initiative reflects a growing trend towards unique and experiential accommodations in Singapore, catering to a diverse range of visitors.

Seah Liang Chiang, the founder and CEO of Tiny Pod, expressed enthusiasm for the project, stating, “Train Pod offers a compact and unique living experience that blends history with modern technology.” The opening event will include a guided tour led by Seah, providing insights into the design and functionality of the hotel.

As Singapore continues to innovate in the hospitality sector, Train Pod @ one-north stands as a testament to the city’s commitment to creative and sustainable urban solutions. The hotel is expected to attract both local and international visitors seeking a novel and immersive stay.
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The Singapore Tourism Board (STB) has announced a series of strategic partnerships to bolster Singapore’s position as a premier global destination. Unveiled at the annual Tourism Industry Conference on 11 April 2025, these collaborations include seven memoranda of understanding (MOUs) and a collaboration agreement with both local and international stakeholders.

Among the key partnerships, CapitaLand Investment and STB have renewed their collaboration to attract international brands and rejuvenate existing attractions, such as CQ @ Clarke Quay and Raffles City Singapore. This partnership, running from June 2025 to May 2028, aims to enhance Singapore’s lifestyle offerings.

The Dempsey Precinct Partnership, involving HSBC Bank (Singapore) Limited, seeks to promote the historic precinct through joint marketing efforts, offering exclusive deals to HSBC cardholders at over 30 establishments. Fever Labs Inc. has also signed a three-year MOU with STB to secure world-first events and strengthen Singapore’s entertainment hub status.

Klook, an online travel platform, will work with STB to drive inbound tourism through innovative products and experiences, whilst Pop Mart International will bring exclusive toy exhibitions to Singapore, including the only POP TOY SHOW outside China.

Further collaborations include a partnership with Mandai Wildlife Group to create immersive experiences featuring Pop Mart’s popular IPs, and an MOU with the Singapore Business Federation to enhance the local MICE ecosystem. Additionally, South Korean lifestyle brand WIGGLE WIGGLE will transform the Singapore Flyer with themed capsules and inflatables.

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Surbana Jurong Group (SJ) has announced the appointment of Lim Cheng Cheng as its new Group Chief Financial Officer, effective 16 April 2025. Cheng Cheng, who will report directly to Group CEO Sean Chiao, brings more than three decades of experience in corporate finance, strategy, transformation, and investments from leading organisations such as Singtel, SMRT Corporation, and Singapore Power.

Cheng Cheng’s extensive background includes senior leadership roles at Singtel, where she served as Group CFO and later as Group Chief Corporate Officer. Her responsibilities included overseeing a broad portfolio encompassing Legal, Risk, M&A, Procurement, Property, Corporate Shared Services, and the Group’s Corporate Venture fund. Prior to her tenure at Singtel, she held significant finance roles at SMRT Corporation and Singapore Power, focusing on financial planning, investor relations, and procurement.

The appointment is part of SJ’s strategy to enhance its Finance function to support its strategic goals, improve financial reporting, and strengthen business partnerships globally. Group CEO Sean Chiao stated, “Cheng Cheng’s appointment reflects our commitment to building a more agile, resilient, and performance-driven organisation.”

Cheng Cheng expressed her enthusiasm for the role, highlighting SJ’s commitment to creating lasting value for clients and stakeholders. “Its global ambitions and ongoing transformation present an opportunity for me to contribute in shaping a future-ready finance function that supports growth, drives accountability, and enables better decision-making across the Group,” she said.

With Cheng Cheng’s addition, SJ aims to bolster its leadership capacity to navigate change and prepare for future growth.
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Retail investors in Singapore have demonstrated resilience by net buying S$1.24b worth of stocks during the first eight trading sessions of April, despite a turbulent market environment. This period saw the Straits Times Index (STI) experience a significant 9.6% decline in total return, reverting to levels last seen in the third quarter of 2024, and closing at 3,577.83 on 10 April. The iEdge S-REIT Index also faced a 7.4% drop in total return.

The STI Banks sector led the net retail inflow, despite an average decline of 12.3% in total return. Outside the STI, companies such as iFAST Corporation, Keppel DC REIT, UMS Integration, Singapore Post, and Suntec REIT attracted the most net retail inflow. Sector-wise, Banks, Industrials, Technology, Consumer Cyclicals, and REITs were the primary drivers of this inflow.

Conversely, the Telecommunications sector, led by Singtel, saw the highest net retail outflow. Interestingly, Singtel bucked the trend by gaining 2% over the same period and leading the net institutional inflow with S$297m, contrasting with the broader market’s S$333m net institutional outflow.

The market’s volatility has been partly attributed to the US administration’s efforts to address the trade deficit, affecting growth projections and stock outlooks. This has led to a downward revision of the Bloomberg Consensus Estimate Target Price for the STI from approximately 4,360 at the end of March to around 4,250 by 10 April.
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Aurelle of Tampines Executive Condominium (EC) has achieved a significant milestone by selling out all its units during the second-timer booking held on 12 April. The 760-unit project, which initially launched in March, saw its remaining units snapped up by eager homebuyers before noon. This marks the first time since Copen Grand in November 2022 that an EC project has sold out during its second-timer booking.

The initial launch of Aurelle of Tampines saw 682 units sold, accounting for 90% of its inventory. The robust demand during the second-timer booking was anticipated, given that the 30% second-timer buyer quota was quickly met during the initial launch weekend. The project’s overall average selling price stood at approximately S$1,767 per square foot, according to caveated data from URA Realis up to 6 April 2025.

Ismail Gafoor, CEO of PropNex Realty, attributed the project’s success to the dwindling inventory of unsold ECs and its favourable location. “Despite setting a new benchmark launch price for ECs at over S$1,700 psf on average, Aurelle of Tampines EC performed well,” he said.

The success of Aurelle of Tampines is expected to positively impact the upcoming EC project, Otto Place at Plantation Close, slated for launch in the second half of 2025. With fewer than 70 unsold EC units remaining on the market, demand for ECs is expected to remain resilient amidst economic uncertainties. ECs continue to appeal to homebuyers as an accessible entry into the private housing sector, helping many households achieve their aspirations of owning private residential property.
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Aurelle of Tampines, an executive condominium (EC) project, has achieved full sales just one month after its launch, according to Huttons Asia. This rapid sell-out marks it as the best-selling EC launch of 2025, following the success of Copen Grand, which also sold out during its second balloting.

The development’s appeal is attributed to its unique position as the second EC adjacent to a fully integrated mixed-use development, offering residents significant convenience at competitive prices. Mark Yip, CEO of Huttons Asia, highlighted the strong demand for upgrading in the Tampines area, which has contributed to the project’s success.

A notable 77% of buyers opted for the deferred payment scheme, a slight increase from the 70% recorded during the initial launch in March 2025. This scheme provides buyers with the flexibility to save and manage their finances more effectively.

The swift sell-out of Aurelle of Tampines underscores the robust demand for ECs in Singapore, particularly in strategic locations like Tampines. The trend of choosing deferred payment schemes suggests a growing preference for financial flexibility among buyers. As the market continues to evolve, developments offering integrated amenities and strategic payment options are likely to remain highly sought after.
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One Marina Gardens, the latest residential project in Singapore’s Marina South, sold 346 units during its launch weekend. The development, strategically located opposite Gardens By The Bay, attracted thousands of visitors eager to invest in this new housing area planned by the Urban Redevelopment Authority (URA).

The project is designed as a “10-minute neighbourhood,” offering residents easy access to retail services, community facilities, transport options, offices, and hotels within a short walk. The development will also feature a Marina Coastal Park and retail options on the first level of all five land parcels along Marina Gardens Drive, with an underground link connecting Marina South and Gardens By The Bay MRT stations.

The launch saw significant interest from both investors and owner-occupiers, with the most popular units being the 1-bedroom flats, according to Huttons Asia CEO Mark Yip. Other sought-after options included 2+S bedroom, 3-bedroom, and 4-bedroom units with views of Gardens By The Bay. The starting price of S$1.16m for a 1-bedroom unit was particularly attractive to investors, who can expect up to a 4% gross yield based on current rents in the Central Area.

Despite recent uncertainties caused by on-and-off tariffs, Yip noted that buying sentiments are expected to return as buyers assess the impact. He also highlighted the potential for increased foreign interest in Singapore properties, given the city’s reputation as a stable investment environment. Looking ahead, construction costs in Singapore are forecasted to rise in 2025 and 2026 due to major infrastructure projects, which could drive future selling prices upwards. Huttons Asia maintains its estimated sales volume of 7,500 to 8,500 units and a price growth of 4% to 7% in 2025.
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