Industry News

Huttons Asia has provided insights into the recent enhancements to the Silver Housing Bonus (SHB) and the increase in the Fresh Start Housing Grant, which aim to improve retirement adequacy and support home ownership for families with children. The changes allow seniors to retain cash proceeds whilst using refunded CPF monies to qualify for the SHB, potentially encouraging them to downsize to smaller flats.

This could increase the supply of larger resale flats and alleviate market tightness by 2025, although demand for smaller units may rise.

The SHB is now extended to private property owners with an annual value up to S$31,000 who choose to downsize. However, Huttons notes that the annual value threshold is low, limiting the number of private property owners who can benefit. Consequently, the impact on both the private residential and HDB resale markets is expected to be minimal.

Additionally, the Fresh Start Grant has been increased to S$75,000 for second-timer families with children living in public rental flats. These families can now purchase flats with flexible lease terms ranging from 45 to 65 years, provided the lease covers the youngest applicant until age 95. Whilst this offers families a permanent home, it may limit their ability to monetise the flat for retirement due to the decaying lease.

Huttons anticipates that the number of families benefiting from the Fresh Start Grant will be small, with negligible effects on the resale market.
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The Housing Development Board (HDB) is set to launch its first Build-To-Order (BTO) project at Mount Pleasant in October 2025. This development is expected to attract significant interest due to its prime location, situated close to Mount Pleasant MRT station and less than 1km from Toa Payoh. Nearby educational institutions include CHIJ Primary (Toa Payoh) and Singapore Chinese Girls’ School (Primary).

The Mount Pleasant BTO may be classified as a Prime BTO, given the high resale flat prices in the mature estate of Toa Payoh, which boasts one of the highest numbers of million-dollar resale flats. Consequently, the government might need to offer additional subsidies to ensure these flats remain affordable and accessible to potential buyers.

Pricing for a four-room flat in this development is anticipated to start at S$525,000. The project will feature blocks exceeding 40 storeys, with top-floor units potentially offering unblocked views of the city and commanding prices above $700,000.

Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, commented on the project’s appeal, noting its strategic location and the potential for high demand. As the launch approaches, prospective buyers are likely to keep a keen eye on the details of this coveted BTO project.
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European multinational corporations are set to engage with Singapore’s young talent through the European Career Connect: Business Open House Week, spearheaded by the European Chamber of Commerce (EuroCham) Singapore. Scheduled from 24 to 28 March 2025, this initiative will provide local undergraduates, postgraduates, and early-career professionals with the chance to explore career opportunities within leading European firms.

The event is organised in collaboration with five major Singaporean universities: National University of Singapore, Nanyang Technological University, Singapore University of Technology and Design, Singapore Management University, and Lee Kuan Yew School of Public Policy. This partnership aims to offer students from diverse academic backgrounds invaluable industry exposure.

Participants will have the opportunity to gain first-hand experience working with European companies, exploring their innovations and activities. The initiative also promises insights into workplace culture, career opportunities, and company operations. This exposure is expected to enhance the participants’ understanding of the professional landscape within European firms.

The European Career Connect: Business Open House Week represents a significant effort by EuroCham Singapore to bridge the gap between education and industry, providing a platform for young Singaporeans to connect with potential employers and explore future career paths. As the event unfolds, it is anticipated to foster stronger ties between European businesses and Singapore’s emerging workforce, potentially leading to increased employment opportunities and collaborations in the future.
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F5 and StarHub have signed a Memorandum of Understanding (MoU) to enhance multicloud security, networking, and digital experiences for enterprises in Singapore and the Asia-Pacific region. Announced at the Mobile World Congress 2025 in Barcelona, this five-year partnership focuses on co-developing solutions to address the complexities of multicloud environments, ensuring security, performance, and operational efficiency.

The collaboration will see StarHub bolster its Cloud Infinity programme by integrating F5’s advanced cloud-based application security and delivery solutions. This move comes as organisations increasingly adopt hybrid and multicloud strategies, facing challenges such as fragmented security and operational complexity.

Key areas of focus include strengthening multicloud networking, enhancing security and observability, simplifying cloud operations, and supporting digital transformation. By optimising traffic and securing applications, F5 empowers StarHub to deliver a seamless, high-performance cloud experience.

Ayush Sharma, Chief Technology Officer at StarHub, stated, “Our partnership with F5 strengthens StarHub’s Cloud Infinity programme by integrating advanced security, networking, and application delivery capabilities.” Ahmed Guetari, General Manager of the Service Provider Business at F5, added, “This partnership will deliver integrated security solutions that address the growing need for secure, multi-environment connectivity whilst significantly reducing operational complexity.”

The partnership aims to extend F5’s expertise in simplifying cloud workload management and enhancing application security, helping organisations manage complex hybrid and multicloud environments effectively.
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The Housing Development Board (HDB) resale market in Singapore experienced a 0.9% increase in prices in February 2025 compared to the previous month, according to the latest SRX Media Flash Report. This rise in prices comes alongside a 9.7% decline in transaction volumes, with 2,104 flats changing hands.

The report highlights that prices in Mature Estates rose by 1.5%, whilst Non-Mature Estates saw a 0.4% increase. Among room types, 3-room, 5-room, and Executive flats saw price hikes of 2.2%, 1%, and 3.1%, respectively, whereas 4-room flats experienced a slight decrease of 0.2%. Year-on-year, overall prices surged by 9.8%, with all room types recording increases: 3-room by 11.4%, 4-room by 9.5%, 5-room by 9.2%, and Executive by 7.7%.

Despite the price increases, the number of transactions fell. February’s resale volumes were 1.4% lower than the same month last year. Notably, 58.5% of these transactions occurred in Non-Mature Estates, with the remainder in Mature Estates.

The month also saw 121 flats sold for at least US$735,000 (S$1,000,000), up from 119 in January. These million-dollar transactions accounted for 5.8% of the total resale volume. The highest price recorded was Us$1,145,000 (S$1,558,000) for a 5-room flat in Toa Payoh, whilst the top price in Non-Mature Estates was US$808,000 (S$1,100,888) for an Executive flat in Yishun.

As the market continues to evolve, these trends indicate a robust demand for HDB resale flats, particularly in Mature Estates and among larger room types.
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Singaporeans lost an estimated S$590m to hidden fees in international payments in 2023, according to a recent study by Edgar, Dunn & Company. This financial leakage is primarily due to undeclared exchange rate markups, which many consumers are unaware of. The situation is expected to worsen, with projections indicating losses could reach S$1.03b by 2029.

The study highlights a significant gap in consumer understanding. Although 70% of Singaporeans who make international payments believe they understand the costs involved, only 14% are aware of hidden fees. This misunderstanding is exacerbated by the lack of transparency from many financial service providers in Singapore, who do not clearly disclose the full breakdown of fees.

Small and medium enterprises (SMEs) are particularly affected, having lost S$5.66b in 2023 alone due to these hidden fees. Larger enterprises also suffered, with losses amounting to $142 million. The study suggests that regulatory intervention, such as banning foreign exchange markups or mandating full fee disclosure, could alleviate the financial burden on consumers and businesses.

Banks remain the most popular method for transferring money overseas, used by 63% of Singaporeans, followed by PayPal at 31% and Western Union at 24%. However, 44% of bank users are unsure or do not believe their bank makes it easy to understand international transfer costs. Among these users, 68% expressed that they would better understand the fees if transparency improved.

The findings underscore the importance of transparency in international payments, as 36% of consumers prioritise exchange rates and fees when transferring money. Singaporeans deserve to know the exact costs involved in sending money overseas to make informed financial decisions.
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Singapore’s residential property market is experiencing a surge in demand, particularly in suburban areas, according to Morgan Stanley’s latest ASEAN Property Pulse report. The report highlights that the strong take-up rates this year could encourage developers to launch more projects, although sales performance may vary across different locations.

The recent launch of Parktown Residences saw an impressive 87% take-up rate, with units selling at a rapid pace of one every two minutes, as reported by developer UOL. This success, along with the strong sales of City Development’s The Orie, is expected to boost developer confidence in launching new projects throughout the year.

However, the report cautions that sales performance could be inconsistent, especially for projects located closer to the Central Business District (CBD), where investor interest appears to be waning. In contrast, suburban developments such as The Orie, Emerald Of Katong, and Norwood Grand are witnessing stronger demand.

UOL expressed concerns that whilst suburban projects are thriving, launches in the CBD might face challenges due to a muted appetite from residential investors. This trend underscores a shift in buyer preferences towards suburban areas, likely driven by a combination of affordability and lifestyle considerations.

As the year progresses, the property market’s trajectory will depend on how developers respond to these dynamics. The potential for new launches remains high, but the success of these projects will hinge on their location and the evolving preferences of buyers.
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The Singapore Institute of Purchasing and Materials Management (SIPMM) has released the February 2025 Purchasing Managers’ Index (PMI), revealing a contraction in the manufacturing sector. The PMI, a key indicator of economic health, fell to 49.8, down from 50.1 in January, marking a shift into contraction territory.

The decline in the PMI suggests a slowdown in manufacturing activity, which is critical for Singapore’s economy. A PMI reading below 50 typically indicates a contraction in the sector, whilst a reading above 50 signifies expansion. The February figure reflects challenges faced by manufacturers, including supply chain disruptions and fluctuating demand.

The SIPMM report highlights that the contraction was driven by decreases in new orders, production output, and inventory levels. These factors have contributed to a more cautious outlook for the manufacturing industry in the coming months. The report also notes that employment levels in the sector have remained stable, despite the overall downturn.

The PMI is a vital tool for policymakers and businesses to gauge economic trends and make informed decisions. As Singapore navigates these economic challenges, the manufacturing sector’s performance will be closely monitored for signs of recovery or further decline.

Looking ahead, the SIPMM emphasises the importance of addressing supply chain issues and adapting to changing market conditions to support the sector’s recovery. The next PMI release will provide further insights into the trajectory of Singapore’s manufacturing industry.
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Great Eastern has announced a significant initiative to support families in Singapore as part of the SG60 Family initiative, celebrating the nation’s 60th birthday. The insurer will provide S$400 in complimentary gift credits per child, including newborns, and free family insurance coverage throughout 2025. This initiative is in collaboration with the Ministry of Social and Family Development’s Large Families Scheme, introduced during the Singapore Budget 2025.

Families with children aged 16 and below in 2025 can claim S$400 gift credits for each child, with no cap on the total amount. These credits can be used to offset 10% of premiums for various insurance plans, including protection, savings, lifestyle, home, motor, and travel insurance from Great Eastern.

Colin Chan, Managing Director for Group Marketing at Great Eastern, emphasised the importance of financial planning, stating, “Through our SG60 Family initiative, we want families to prioritise financial planning by taking action to build multiple nest eggs that they can count on at different life stages to fulfil their goals and aspirations.”

The initiative aims to enhance financial security for families, allowing them to save for children’s education, upgrade homes, and celebrate significant life milestones. Ishak Ismail, Chairman for Families for Life Council, praised the initiative, noting that financial security enables families to focus on bonding and quality time together.

Great Eastern, a homegrown insurer, has been part of Singapore’s financial landscape since 1908. The company plans to launch more initiatives in 2025 to support communities and strengthen Singapore. Families can register for the SG60 Family initiative to access gift credits, insurance coverage, and exclusive offers.
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Manulife Singapore has launched “Journey To Better,” a campaign inviting Singaporeans and permanent residents to share their personal stories of overcoming critical illnesses. This initiative aims to create a supportive community by highlighting the courage and perseverance of those on the path to recovery. Participants can submit their stories on Manulife’s Facebook or Instagram pages, or on their own profiles using the hashtag #JourneyToBetterSG, until 16 March 2025.

The campaign seeks to foster a conversation about health and longevity in Singapore, as noted by Mark Czajkowski, Chief Marketing Officer of Manulife Singapore. “Journey To Better” is designed to support not only financial health but also physical and mental wellbeing. Czajkowski stated, “By sharing these journeys of recovery, we aim to inspire hope and remind everyone that they are not alone in their battles.”

Manulife Singapore will reward the most inspiring stories with shopping vouchers. The prizes include three grand prizes of $2,200 (S$3,000) each, 12 merit prizes of $220 (S$300) each, and 100 qualifying prizes of $37 (S$50) each. Selected stories may also be featured on Manulife Singapore’s social media channels.

This campaign underscores Manulife Singapore’s commitment to supporting its customers beyond financial security, emphasising the importance of emotional resilience and community support. For more details, participants can visit the campaign website.
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